Advance Your SR&ED Tax Credits with Easly

Are you ready to take your Research and Development (R&D) initiatives to the next level? Whether you’re starting a new phase of your project or ramping up operations, the SR&ED tax credit program is designed to support innovation and build on big ideas. If your business is ready to tackle the next set of technological challenges standing between your team and ground-breaking developments, Canada’s Scientific Research and Experimental Development (SR&ED) program is a great place to start.

SR&ED offers Canadian business owners the opportunity to fund research and development projects they might not otherwise be able to pursue due to cost constraints. The SR&ED program is an effort to support business owners in taking these risks and, in doing so, promotes more innovation.

Although receiving an SR&ED refund does require a successful claim submission, it’s well worth your time. Both refundable and non-refundable SR&ED tax credits are available for eligible expenditures. SR&ED helps companies extend their runway, making it a vital resource for businesses looking to get ahead without losing control of their project.

At Easly, we’re proud to help foster Canadian innovation by partnering with SR&ED-eligible businesses and offering advances on their accrued SR&ED credits. Get the capital you need today without the long wait from the CRA.

What is the SR&ED Program?

The SR&ED program is offered by the Government of Canada as a means of compensating businesses that conduct qualifying R&D activities on Canadian soil. The government recognizes the financial difficulties associated with pursuing research and development and attempting to resolve technological uncertainties, as well as the benefits of these endeavours to Canada’s standing on the global stage. To help remove some of the strain associated with R&D efforts, businesses that qualify for SR&ED can earn tax credits to either reduce tax liability or receive a refund, depending on a few variables (learn more here).

Who Qualifies?

To qualify for SR&ED, your R&D initiatives must adhere to some specific criteria. They must:

· Drive technological advancements

· Systematically address scientific uncertainties

· Follow a structured approach involving hypotheses, experimentation, and meticulous analysis

· Document every step, even if your project isn’t successful

Even small, incremental gains in knowledge or capacity are eligible for SR&ED. SR&ED projects broaden your existing knowledge base or stretch your capabilities. As long as research or development is conducted systematically and supported by evidence, your project doesn’t need to succeed to be eligible for claiming expenses.

However, proving compliance and the validity of your expenditures is a must when filing an SR&ED claim. Both first-time and experienced filers may benefit from partnering with a consultant when filing.

But What About the Wait?

SR&ED is an important funding source for businesses. However, claimants should be aware that they can only claim SR&ED expenses once a year, meaning there’s a long wait between when expenses are incurred and when the refund is received. Also, there’s a considerable wait period to receive your refund after your claim has been submitted, even if it isn’t flagged for review. As of 2024, the CRA suggests at least a 2-month wait after submitting your claim and filing your income taxes. Successful filers can expect to wait weeks or even months to get their capital, leaving you stranded if you require funds from your SR&ED incentive to support continued research operations.

Easly SR&ED Advances

Easly is here to help you overcome the hurdle of waiting for SR&ED funds with SR&ED financing and advances. We’re proud to partner with businesses across Canada to give you access to the funds you need when it matters most. Easly offers:

· Founder-friendly capital

· An approachable application process

· Swift approval turnaround

· Industry-leading expertise you can trust.

Contact us now to finance your SR&ED refund.