Numerous research and development projects are conducted by companies in the fields of Life Sciences and Biotechnology. Majority of such projects would qualify for SR&ED tax credits. The qualified projects usually involve laboratory testing and experimentations, subjective testing, and data analyses which may require extensive labour hours and examination of chemicals or processes. There are basically four categories of projects that amy qualify under SR&ED program:
-Develop a new process(s)
-Improve the existing process(s)
-Develop a new product(s)
-Improve the existing product(s)
Here is the list of typical examples of SR&ED eligible projects in Life Sciences and Biotechnology industries:
- Develop mathematical algorithms or computer programs associated with biological products
- Modify existing testing and processing equipments, tools or devices
- Develop a new or improved cultivation of plants
- Modify living organisms through breeding programs
- Implement environmental friendly or green technologies
- Develop specific enzymes to either produce valuable chemicals or destroy hazardous/polluting chemicals
- Advance bioinformatics for exploration, extraction, exploitation and production from living organisms
- Develop a new or modify the exiting process for manufacturing of organic products
- Design organisms to produce antibiotics, and the engineering of genetic cures through genetic manipulation.
Companies that may qualify for SR&ED Tax Credits include:
- Manufacturers of electrotherapeutic and electro-active medical devices
- R&D Facilities focused on Life Sciences & Biotechnology research
- Manufacturers of medical supplies, tools and equipments
- Manufacturers of biological products, medicines and pharmaceuticals
- Manufacturers of environmental friendly products
Whether your company is contributing to advance processes or products in life sciences and biotechnology, or working to meet health and safety regulations (e.g. Health Canada, the FDA, HACCP etc.), Kelid™ can help you to identify eligible activities and expenses to apply and maximize your SR&ED tax credits.
It costs you nothing to ask for a meeting to see if any of your work this year is eligible for this tax credit, because we do not get paid until your SR&ED claim successfully goes through. We strongly suggest to check out Kelid’s interactive Self-Assessment Look Up to determine eligibility of your projects.