You can reapply for this tax credit yearly and it does not matter if you have been turned down in the past.

This tax credit is available regardless of whether you were successful in your improvement efforts and independent of the income your company has earned.

Is my business large enough to make a claim?

If my business has not made any money and I am not paying any taxes this year how can I receive a tax credit?

The tax credit will reimburse you for expenses regardless of income earned.

Will applying for a SRED tax credit cause my business to be audited?

It will not trigger an audit of your business. The CRA may ask for verification of the expenses claimed in your SRED but it will not relate to any other tax related matter.

I’m suspicious about what the CRA will do with all my business research. Will it be kept secret from my business competitors?

The CRA is bound to secrecy and will not divulge any of your business information to third parties.

If I have never done a SRED. Am I past the deadline for applying for expenses incurred in the past?

You have 18 months from your business fiscal year end to apply for a SRED tax credit. 

How come I have not heard of this before?

This program provides 3 billion dollars in Research and Development tax incentives to over 20,000 Canadian businesses every year.

Sounds Great! How soon can I get my money?

This tax credit can be mailed to you as a cheque 90 days after the application is submitted or, if you choose, applied as a credit on your taxes.