Uncovering SR&ED for Manufacturers

The manufacturing sector in Canada has long been renowned for its competitive nature. Unsympathetic economic conditions, erratic currency fluctuations and harsh international trade have dampened profit margins in this beleaguered industry. To gain an edge, industry leaders constantly search for new ways to improve 'time-to-market', cut costs and provide better offerings to their customers.

Manufacturers must also make necessary investments in quality compliance (ISO, GMP) and continuous improvement programs to avoid the risk of product recalls and the cost of excess scrap. Desired results in these areas are typically achieved through systematic R&D, including regular enhancements to products, processes, materials and systems.

A significant portion of these activities qualify for tax credits or cash refunds under the Scientific Research & Experimental Development (SR&ED) program. Despite this, manufacturers face several misconceptions about SR&ED eligible expenditures. Many organizations have been discouraged from participating or simply fail to claim a significant portion of qualified work. At BeneFACT, we help eligible companies uncover, claim and maximize their SR&ED tax credits.

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