As you may already know government grants and loans are great sources of funding for your business. Our multiple clients’ cases prove it every day. Today I’d like to bring another good source of extra fuel for your business – tax credits.
Scientific Research and Experimental Development tax credit (SR&ED) is the most popular but is not the only one. Although we don’t offer writing service for SR&ED yet you should use this program if you conduct research & development activities (click here for the definition from CRA website).
Other popular tax credits for businesses are:
- Apprenticeship tax credit for hiring an apprentice
- Cooperative Education tax credit for hiring an intern / coop student
- Digital Media tax credit for development of interactive digital media content (apps, e-learning systems, games, etc)
- Ontario Research Institute tax credit for recovering cost of R&D work conducted by the eligible research institution
Unlike government grants & loans tax credits are filed retroactively when your fiscal year ends.
If you are not taking advantage of tax credits yet, contact us and we will point you to the right direction and sources of information. Reply to this email or call (647) 800-5006.