StatsCan releases promising R&D numbers for industrial innovation in Canada
As we start to look toward a new year, it’s nice to stop and reflect on some of the positive steps made in the SR&ED world in 2012.
Earlier in 2012, StatsCan released a report outlining the rise of industrial innovation in Canada. According to the report R&D expenditures rose to $15.5 billion, up 0.9% from 2011. Although this number may be below the 2007 statistic, it shows that Canada’s industrial sector continues to grow stronger despite the hardships of previous years.
However, when it comes to R&D spending not all provinces are created equal. It may be no surprise that Ontario leads the pack with $6.8 billion, but it is interesting to note that this number is actually less than the 2009 numbers. Quebec, on the other hand, is a close second at $4.7 billion, and up from 2009.
You can read the StatsCan Highlights on their website.
When it comes to SR&ED benefits, one of the most exciting aspects of this report is the labour figures. Most of the R&D spending in 2012 was concentrated on wages and salaries. When looking at potential SR&ED claims, wages and salaries is the biggest piece of the pie. In fact, 61% of the total spending was in this sector, up from 60% last year. More wages means more SR&ED, and more SR&ED means more funds to go directly back into innovation programs within Canada.
It’s stats like those mentioned above that make us positive about the significant steps being taken in regards to innovation in Canada, and seeing how the SR&ED program is helping these types of business to grow and thrive.