There are certain industries that seem to be a natural fit for the SR&ED Tax Credit Program. Gaming companies which involve development of product architecture through overcoming problems and SR&ED make a perfect match.
Back in October, Macleans featured an article “How the Feds Help Small Game Developers: Tax Credits and Grants”, by Nick Taylor-Vaisey about game developer, Magmic, and the gaming world’s relationship with the Canadian Government. As we thought, developers are starting to take advantage of various grants and tax credit programs including the Industrial Research Assistant Program, the Ontario Media Development Corporation and the Scientific Research and Experimental Development tax credit program.
You can read the whole article at the Macleans website here.
In our own experience, we have found that game developers are very aware of the SR&ED Tax Credit program. What is still a little cloudy is what exactly in the gaming industry is SR&ED eligible. Games themselves are not considered a “Technology”. However, the process of researching, developing and testing these games may very well have elements of SR&ED hidden between the lines.
Looking to take advantage of the SR&ED Tax Credit Program? Contact a BeneFACT consultant today and get all the facts to maximize your claim.