What is the SRED?
What is the SRED grant?
SRED stands for the Scientific Research and Experimental Development grant. If your business is doing any type of proprietary work in advancing software, technology, or hardware, you may qualify to apply for SRED to cover the salaries of yourself and any employees that are doing this work.
There can be uncertainties regarding what kind of development qualifies for SRED. For example, it can be an app that you are developing that is the first of its kind and not available anywhere else on the market, or it can be a piece of hardware that has unique features that you can’t find in any other product. As a rule of thumb—if you can google and find similar products or work to what you’re developing, you likely don’t qualify.
You can receive up to 75% of the salaries contributing to the eligible work refunded by the CRA. This can be extremely valuable, especially if you have hundreds of thousands of dollars in employee salaries that have gone to continuously working on these different projects over the years.
At Business Critical, our approach is unique. We understand that most learning occurs randomly and unpredictably. This gain in knowledge is often not associated with just one particular business project and may be scattered over many, even hundreds, of business projects. This is significant because ostensibly unrelated incidents of learning can oftentimes amount to more dollars than your business projects. Thus, you may be leaving behind up to 50% of your claim, or even more. That is where Business Critical picks up the smaller claim opportunities that most other companies miss.