BIG Offers Support Across A Number of Tax Credits to Support Your Cash Flow Strategy

Scientific Research & Experimental Development 

SR&ED

The core of our business, SR&ED has been a proven tax credit incentive program since 1960’s and is the largest source of federal government support for R&D in Canada. It provides almost $5 billion in ITC’s to Canadian companies each year, however, the CRA estimates that less than 50% of eligible companies submit SR&ED claims.  We help qualified companies get money back in the form of a refund, a deduction in taxes payable, or both.

The Scientific Research and Experimental Development (SR&ED) program is a federal tax incentive program, administered by the Canada Revenue Agency, that encourages Canadian businesses of all sizes and in all sectors to conduct research and development in Canada that will lead to new, improved, or technologically advanced products or processes. The SR&ED program is the largest single source of federal government support for industrial R&D, providing over $4 billion in investment tax credits to over 18,000 claimants each year. Of these, about 75% are small businesses. Further further information on SR&ED please see our detailed description.

Ontario Interactive Digital Media Tax Credit (OIDMTC)

Qualifications

  • Primary purpose is to educate, inform or entertain the user

  • Product must include two of text, sound or images

  • Product is used by individuals

  • Ssubstantially all development work was performed in Ontario by Ontario tax payers

  • Permanent establishment in Ontario

OIDMTC

The OIDMTC is a refundable tax credit for corporations developing interactive digital media products that intend to educate, inform or entertain the user (i.e. video games, e-learning programs, informational products). The program offers a credit on eligible Ontario labour expenditures, marketing, and distributing expenses for up to 40% of costs.

Apprenticeship Tax Credits

This refundable tax credit helps employers hire and train apprentices in skilled trade during the first 36 months of an apprenticeship program. The tax credit supports salaries and wages paid to the apprentice for up to 30%.

The tax credit is available to businesses that have permanent establishments in Ontario, pay Ontario income tax, and incur eligible expenses in training apprentices in certain skilled trades.

There are over 150 skilled trades in Ontario in four sectors: construction, industrial/manufacturing, motive power and service. Over 120 of these trades are currently eligible for the tax credit.

For more information, contact the BIG team today.

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