OTTAWA — Canadian Construction Association (CCA) and Canadian Construction Innovations (CCI) are partnering with Invennt Business Inc. to offer the Scientific Research and Experimental Development (SR&ED) credit writing services to the industry in an effort to encourage innovation.
SR&ED credit is a federal tax incentive program designed to encourage Canadian businesses of all sizes and sectors to invest in innovation, states a CCA release, adding the program and its allocated funds are governed and distributed by the Canada Revenue Agency (CRA).
The program will provide businesses with expert assistance in preparing and filing claims in compliance with both Canada’s tax laws and the CRA’s established filing process.
The new benefit, which is an industry first, will offer CCA members the opportunity to file claims for SR&ED tax incentives without the hassle and upfront cost of hiring additional experts, saving valuable time and resources, the release states.
“Our goal is to promote and drive innovation in the industry, and this new valued service will make it easier for our members to have a better chance at getting a SR&ED credit,” said Mary Van Buren, CCA president, in a statement.
“We are thrilled to launch this partnership with Invennt to help and encourage our members to further their innovation goals,” added John Bockstael, CCA chair, in a statement.
CCA and Invennt have identified an opportunity to grow SR&ED claims from the current 0.7 per cent to close to seven per cent, which would bring it in line with the industry’s share of the Canadian economy.
For more information visit cca-acc.com/sred.