Small Tech Corporations Are Being Forgotten Even After Generating Billions To Canadian Economy
Small corporations in Canada go unnoticed, but are responsible for building thousands of businesses in the tech corporation of Canada. These corporations are able to generate billions of dollars due to the innovations as well as providing thousands of jobs. The Scientific Research and Experimental Development (SR&ED) Tax Credit is of great benefit to these businesses as they are creating and improving on new technologies.
Although there was a statement from the government announcing “technology and innovation and the jobs it brings are key to future economic prosperity,” the tech sector in Canada is worried the government is going to place obstacles in the way of receiving funding. SR&ED is key in this economy as it is how these small corporations are able to get on their feet and make a name for themselves. This tax credit is what aids in development for these businesses.
The need for SR&ED tax credits is growing every day as new tech companies are researching and developing in order to make themselves different than their competitors. If you would like to know if you are eligible for SR&ED tax credits, please contact a Swanson Reed R&D Tax Specialist today.