For businesses in British Columbia engaged in research and development (R&D) activities, the Scientific Research and Experimental Development (SR&ED) program offers a significant opportunity to receive tax credits to fuel your project and increase your accessible capital. Knowing how to make use of federal initiatives like SR&ED as well as provincial incentives is vital to sustaining your operations and lengthening your financial runway all year round.
Below, we’ll take a look at a few key factors BC businesses should keep in mind when filing SR&ED claims and when considering additional financial options to support their R&D efforts.
Provincial SR&ED Tax Credits: Enhancing Your Benefits
British Columbia recognizes that there is plenty of value in supporting businesses as they pursue innovation and R&D. As such, the province offers its own SR&ED tax credit in addition to the federal program. This means that businesses operating in BC can benefit from both federal and provincial tax credits for their eligible R&D activities. Working with a consultant is a great way to discern how to best leverage both initiatives and ensure that your claims are structured as beneficially as possible.
BC Innovation Council (BCIC) Programs: Additional Resources
The BC Innovation Council (BCIC), now called Innovate BC, plays a pivotal role in helping fuel innovation and technology development in the province. BCIC offers various programs and initiatives that can pair well with SR&ED to extend your financial runway and bolster your R&D efforts. These programs may provide additional resources, grants, or networking opportunities for businesses engaged in R&D activities. Exploring partnerships or participation in BCIC programs can enhance your innovation journey. In addition, staying informed about BCIC’s offerings can lead to valuable support that extends well beyond tax credits.
Sustainability and Green Initiatives: Capitalizing on BC’s Focus
British Columbia has a strong commitment to sustainability and green technologies. If your R&D activities align with clean and sustainable innovations, you may be eligible for specialized incentives and grants offered by the provincial government. These incentives, when used in addition to federal funds from SR&ED, can help sustain your operations and build a stronger future foundation for your business.
Collaborating with experts who understand the intricacies of the SR&ED program, both federal and provincial, as well as the many R&D benefits available to BC businesses, is key to optimizing your tax benefits and ensuring a successful claim. British Columbia’s commitment to innovation and sustainability makes it an exciting place for businesses to thrive, innovate, and contribute to a greener and more innovative future.
Need Help Financing Your SR&ED Refund
If you’re looking to expand your innovation initiatives in BC and are wondering how to cover the long gap between spending on eligible SR&ED expenditures and receiving your funds, Venbridge is here to help. We know that companies involved in R&D often require reliable sources of capital and that waiting for funds to arrive can put unnecessary strain on your operations. We’re proud to offer founder-friendly, non-dilutive capital that empowers you to pursue innovation with minimal stress. By partnering with Venbridge, you can access capital to fund your growth today.
Contact our team today to discover how we can partner with your team to enhance your R&D initiatives by financing your SR&ED credits.
