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Optimize your R&D investments with SR&ED tax credits. Pocketed helps simplify the application process so your business can maximize funding opportunities without the stress.
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SR&ED Tax Credits Overview
Offset your R&D expenses with the Scientific Research and Experimental Development (SR&ED) program, offered by the Canada Revenue Agency (CRA).
Purpose: Encourage businesses to invest in research and development.
- Key Benefits:
- Reduces taxable income through eligible R&D deductions.
- Provides tax credits (15%-35%) for qualified R&D spending, with additional provincial credits available.
- Can be stacked with provincial programs for maximum funding potential.
- Refundable credits are taxable income, while non-refundable credits directly reduce taxes payable.
Cost Structure
- Pocketed’s fee structure is designed to align with your success, calculated as a percentage of your total claim award.
- Contact us to learn more about our flexible pricing and receive a personalized quote tailored to your needs.
Program Stacking Opportunities
SR&ED credits can be combined with other funding programs, such as provincial SR&ED programs, to maximize R&D funding potential.
- Allows businesses to maximize financial support for R&D by combining federal and provincial programs.
- Multiple programs may be available to businesses depending on the nature and location of the R&D activities.
Eligibility Criteria
Who Can Apply
Eligible entities include:
- Corporations
- Individuals
- Trusts
- Partnerships
To qualify, the SR&ED work must:
- Be conducted in Canada.
- Meet both of the following criteria:
- Aim for the advancement of scientific knowledge or technological innovation.
- Follow a systematic investigation or search in science or technology using experimentation or analysis.
Eligible Activities
SR&ED incentives cover the following types of work:
- Basic Research:
- Advancing scientific knowledge without a specific practical application.
- Applied Research:
- Advancing scientific knowledge with a practical application in view.
- Experimental Development:
- Generating new technological knowledge or know-how to develop or improve materials, devices, products, or processes.
- Support Work:
- Engineering
- Design
- Operations research
- Mathematical analysis
- Computer programming
- Data collection
- Testing
- Psychological research
Ineligible Activities
The following activities are not eligible for SR&ED incentives:
- Market research or sales promotion
- Quality control or routine testing of materials, devices, or processes
- Research in the social sciences or humanities
- Prospecting, exploring, drilling, or producing minerals, petroleum, or natural gas
- Commercial production or use of new/improved materials, devices, or products
- Routine data collection or style changes
- Training or on-the-job learning
- Hiring experts to apply existing knowledge
- Purchasing proprietary knowledge
Application Requirements
To apply for SR&ED tax incentives, you must:
- File an income tax return.
- Complete Form T661 for eligible expenditures.
- Provide supporting evidence, such as:
- Project planning documents
- Experimentation plans
- Photographs/videos
- Prototypes
Why Choose Pocketed for SR&ED?
Pocketed stands out as the only company that seamlessly connects grant programs with SR&ED tax incentives, maximizing your funding opportunities and delivering unmatched dollar value for your business. This unique approach ensures you get more funding, faster, while optimizing every dollar spent on research and development.
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