SR&ED Tax Credit and tax refund has been enjoyed by various types of enterprises ranging from Automotive to biotech and agricultural industries. Green Technology companies deserve larger ratio of Tax Credit and Tax Refund as they are working to make environment eco-friendly. When it comes to company eligibility, Green technologies always get priority. But at the same time, Green technologies are facing more hurdles to get in SR&ED Funding. Today, Green technologies are facing critical problems in relation to SR&ED program.Recently published article in Tyee.ca reads that cutting capital expenditures and the general SR&ED rate down to 15% might have long-lasting effects on environmentally-friendly and green technology initiatives. Green Party leader Elizabeth May also revealed that government, reportedly will be providing direct research funding to companies regardless of prioritizing Green technologies.
Tax Credit and Tax Refund applies to following example projects:
- Cuts to greenhouse gases
- Water conservation
- Renewable energy technology
- Environmental & Geological Engineering
- Energy & Fuels
- Marine & Ocean Engineering
- Environmental Biotechnology & Bioremediation
- Environmental Diagnostics & Sensing Devices
- Technologies for the advanced thermal closed loop system
Claiming Tax Credit or Tax Refund can help your company reclaim some of your investment in Green technology initiatives or technological research and development investment. Green technologies could involve water purification, recycling, sewage treatment, flue gas treatment, solid waste management, environmental remediation and renewable energy projects. According to CRA, a green technology company can avail Tax Credit to invest in research and development. It doesn’t matter if research fails in implementation; company remains eligible, but that research must provide new information or understanding in underlying technologies.
In addition, Ontario Emerging Technologies Fund introduced by Ontario government back in 2009 to fund the innovative Ontario companies. Green Focus on Innovation and Technology (GreenFIT) program makes sure that green technology companies introduce sustainable and innovative solutions in the market. Ontario government will preferably use the green technology solutions that are part of GreenFIT. But participating in GreenFIT provides green technology companies the opportunity to showcase their environment-friendly products, which is helpful to draw attention of potential customers in local and international market.
For further information for eligibility of your Green technology project and estimate your claim size check out Fund Assessment LookUP and Fund Calculator. To take advantage of our 30min free no-obligation consulting service Contact Kelid™.