All businesses that operate in Canada may be eligible for tax credits (and/or money) for their innovations under the Scientific Research and Experimental Development Program. The program has been in place for over 25 years and awards approximately 4 billion dollars to businesses annually - so if you're not taking advantage of it the chances are that your competitor is.

Your eligibility is dependent upon meeting three criteria. Your innovations must demonstrate that technological advancement was made, there was initially technological uncertainty, and that you used a technical approach (i.e. systematic investigation) to move your project forward.

In 2009 more stringent requirements for project narratives, financial models and support documentation were introduced by the government. This was followed in 2010 by the implementation of the CRA Review Manual to make the review of claim submissions more methodical. Thus it is now more important than ever to hire a reputable, full-service SR&ED Consultant to enable you to maximize your returns, and increase their value in subsequent years.