Innovative work in Nanotechnology could fit into Canada’s income tax incentive system for R&D activities. For every $100 of Ontario salary related to eligible R&D activities, your company could be entitled to up to $29 in tax credits or refunds. For small- and medium-sized Canadian controlled private companies, your company could be entitled to up to $69 in tax credits or refunds.
The income tax incentives for innovation are part of the government’s Scientific Research and Experimental Development (SR&ED) program.
Having a comprehensive knowledge of these incentives can help your company take advantage of the numerous tax benefits associated with carrying out innovative activities and help you become more competitive. The question is: Are you making the most of these opportunities?
Advancements in Nanotechnology are critical to the development of new nanoscale materials and devices for ultra-high-performance and extremely miniaturized electronics. Many of the innovations in Nanotechnology are being developed by Canadian companies as state of the art technologies in the field.
Those innovations, should they occur in Canada, fit into the Canadian income tax incentives. Some examples are:
1. Stronger Materials & Higher Strength Composites – Developing flat, flexible, lightweight, non-brittle and highly efficient electronics using nanomaterials.
2. Quantum Science – Developing laser-cooled atoms to store and manipulate optical quantum information.
3. Therapeutics and Theranostics – Developing nanobots and nano needles for targeted drug delivery, tissue engineering, minimally invasive treatment of diseases, immunotherapy, and medical imaging.
4. Environmental Remediation – Developing nano sensors to clean air, water, and soil pollutants.
5. Next-generation energy systems – Developing flexible piezoelectric nanowires woven into clothing to generate usable energy on the go from light, friction, and/or body heat to power mobile electronic devices.
6. Printing – Developing nanoengineered bio-inks for clinical applications.
7. Food Contact Materials – Developing nano composites for food packaging.
Pinnacle Consultants can help your company benefit from the SR&ED tax incentives by helping you to:
• Identify the full range of your eligible SR&ED activities
• Prepare the required science reports
• Structure entities and transactions to enhance future-benefits
• Prepare the required tax forms to apply for the tax credits.
Our multidisciplinary team of tax incentive professionals has extensive experience in engineering, science, taxation, and accounting, and focuses exclusively on helping companies enhance their tax incentive benefits.
Contact us today!