Do Summer Activities in Your Business Create Opportunities for SR&ED and Government Grant $$$’s?
If your immediate answer is “YES” and you are taking advantage of these sources of funds, you may skip this section.
If your immediate answer is "NO" or you are not sure”, you may want to re-think based on the following couple of examples.
- Do you plan to have a Summer Plant Shutdown during which you will do Predictive/Preventative Maintenance activities, make equipment upgrades, launch new products/processes, install new equipment, implement CI ideas, conduct training, etc.?
- Does the summer heat and humidity have a negative or varying effect on your manufacturing materials or equipment performance?
In either of these cases if you are required to do developmental work to address these issues or opportunities, you very likely have projects and associated expenses that will qualify under the criteria for the SR&ED Program and may provide associated opportunities for Grants. A Tax Credit/Refund or Grant to help offset your Labour, Overhead, Material and Sub-contractor costs maybe available for you.
Be sure to take advantage of the SR&ED Program and Grants, as many Manufacturers do, to make sure you receive your share.
I am sure there are some good stories out there as to how heat and humidity effect your plants performance. My favorite goes back to my GE Lamp days when light bulbs would rain down on the floor because the drum feeders would get sticky and the bulbs would jam up, or on the packing lines the cardboard packing sleeves would stop opening properly and out would come the brooms to clean up the broken glass strewn across the floor.
Please feel free to share any stories you may have, and better yet, how you were able to submit a SR&ED claim or receive a Grant to help with the expenses of identifying, developing and implementing a solution.