The SR&ED program is not restricted to any sector or industry. Any company that meets the technological and financial criteria can claim tax credits as part of their annual T2 corporate filing.

Many potential claimants undervalue their R&D within their own company and assume that it is not an eligible activity. Moreover, companies mistakenly attribute qualifying R&D to be tied only to new product development. In fact, qualifying activities can include improvements to existing products, manufacturing processes, automated assembly or other advancements in which intellectual property and technological advancements are made.

The focus is on the underlying advancements to your company’s technology, productivity or processes – not the implications to product marketing or quality of service. If your company is engaging in R&D activity, encountering uncertainty during this process and finding advancement as a result – your company is likely eligible for an SR&ED tax claim.