Just two years ago, Canada unveiled its Innovation and Skills Plan. It’s the government’s ambitious road map for making the country an innovation leader, boosting and supporting the middle class with well-paying careers. Designed to support Canadians across the innovation spectrum, this overarching plan will solidify the country’s standing as one of the most forward-thinking regions in the world.
Your Country Needs Your Help
Canada can only reach this progressive goal with the assistance of businesses like yours. The country is ready to take advantage of the incredible strength, resilience, intelligence and ingenuity that is woven throughout the character and culture of Canadians.
How can your business do its part? Take advantage of the current technologies that are designed to boost productivity. Use of the internet of things (IoT), artificial intelligence (AI), cloud computing and advanced manufacturing, as well as worldwide market exportation and late-stage capital, is the key element necessary to take businesses from the small scale to global leaders.
Innovation = Opportunities and Growth
There is a fallacy surrounding innovation: Technology isn’t always at work when innovations are materializing. Because this concept is simply about finding ways to make things better and benefit more people, even low-tech solutions can be innovative.
Innovation starts with identifying a problem and then devising a solution that addresses the issue. The solution could be a simple tweak to an existing product or service, or it could be something entirely new. In many cases, innovation results in the creation of new industries, jobs and markets that simply didn’t previously exist. Innovations can also support existing industries, markets and jobs by streamlining them, making them both more efficient and more productive.
How Your Business Can Help
In order for Canadians to reap the benefits of the Innovation and Skills Plan, every business needs to do its part to innovate. Tapping into the SR&ED Program and getting your refund early means your business can continue its research and development activities without having to wait around for the government to process your application.
Now is the time to take advantage of the SR&ED Program to ramp up your team’s R&D efforts. Even those results that you consider to be failures are learning experiences and could be eligible for a refund under the SR&ED Program. In fact, you could receive an advance up to 15 months before you file. This means you could have Canada’s next great innovation already in process in your R&D room right now.