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March 3, 2014 by Kelid Leave a Comment

Government Funds for Tool & Die Machine Shops

Tool&DieTool and Die shops are subject to constant technological challenges or obstacles to meet their clients needs. The challenges  that involve experimentations and trials would qualify for SR&ED tax credits. Typical examples of eligible SR&ED work for tool and die machine shops include:

  • Develop a complex die for stamping or punching miniaturized parts
  • Design a complex mould for injection of special polymer compounds
  • Develop a mould for manufacturing non-standard or asymmetrical parts
  • Extend knowledge in dealing with non-common materials such as medical or military grade materials
  • Develop a non-standard machining tool to improve production throughput or efficiency
  • Extend the limits of tooling machine capabilities through custom design modifications or additions
  • Increase the tool’s operability, longevity, and performance

Unfortunately, many paid hours and material expenses for activities such as the above ones go unclaimed because the  way they have been developed are incremental improvements to an existing product or process, and not everybody realizes that valid claims can be made from this type of work as well.

Tool and Die shops of all sizes can benefit from claiming SR&ED tax refund. It is the largest single source of funding for research and development provided by the federal government. The development or improvement of equipments, tools, processes or products could be eligible activities which result in technological advancements.

Kelid™ has years of experience helping companies dig up claimable projects that they were not even thinking about when they called. 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 Tool to determine eligibility of your projects.

We also invite you to join our monthly news letter or follow us on Twitter, Linked-in, Facebook, or Google+ for latest government funding news and articles.

 

Filed Under: Business Funds, SR&ED, T661, Tax Credit Tagged With: Injection Mold, Machine Modifications, Machine Shop, Tool and Die

About Kelid

Kelid™ assists small to medium size enterprises (SME) to file applications for wide ranges of provincial and federal funding programs.

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