As we learned from Jen Mahon, VP-Operations at Northbridge Consultants, it can be more than one incentive that works for your company!
Often people believe that if they receive Industrial Research Assistance Program Funding (IRAP) it isn’t worthwhile to claim SR&ED. As Jen demonstrated to us on Tuesday, in the Food For Tots Boardroom, that is simply untrue! Jen presented 2 case studies that confirmed multiple grants can be used and she had more examples to share.
Below is a visual that demonstrates this best!
Jen went on to remind us of the Ontario Business Research Institute Tax Credit (OBRITC). OBRITC is a refundable tax credit that is available to a qualifying corporation that performs scientific research and experimental development (SR&ED) in Ontario under a contract with an eligible research institute (includes certain universities and colleges). The OBRITC provides a 20% credit for SR&ED expenses incurred in Ontario under an eligible contract. Small businesses may claim the OBRITC in addition to the Ontario Innovation Tax Credit!
In addition to the above, Jen reviewed best practices as seen across manufacturers:
- Program Identification and Eligibility - Begin when you start thinking of the project!
- Documentation Support and Reporting - Maintain “Contemporaneous” documentation
- Program Compliance and Maximization - Understand Overlap Rules
To end the SIG, each attendee received a checklist of 10 points that should be covered for each project and questions to ask yourself for funding opportunities.
As always, discussions at the SIG were much broader than what is highlighted here.
A warm thank you to our speaker, Jen Mahon, for sharing her expertise and thank you to Julia Selby for the wonderful tour of Food For Tots!