No matter what field within the vast healthcare industry you are performing research in, the combined Federal and Provincial government’s Scientific Research & Experimental Development (SR&ED) program can help you fund that research through Investment Tax Credits (ITCs).
Whether you are performing clinical studies, clinical trials, the development of new protocols in either basic or applied research, testing, experimentation, design and manufacturing of new tools, products and processes, can all have your salaries, materials, use of outside contractors/consultants expenditures partially refunded through these tax credits.
Examples of medical and healthcare industry eligible for SR&ED Tax Credits (short list)
• Pharmacy and medicinal chemistry
• Cardiac and cardiovascular systems
• Dentistry and oral surgery
• Nutrition and dietetics
• Biomaterials (medical implants, devices)
• Veterinary sciences
Examples of Qualifying Activities (short list)
• New procedures/protocols for reduction in pain relief or improvements to patient recovery
• Development of new surgical tools/products/procedures
• Computer software development to enhance existing methodologies
At SB Partners, we recognize the need to ensure available funds are sufficiently reinvested into healthcare industry to assist in furthering research efforts to improve our quality of life..
To this extent, we have launched an initiative to expand our internal expertise in tax recovery for healthcare clients. In addition, we will be announcing fall seminars on how SR&ED can support the healthcare industry with special guest presenters.