CCA announces partnership to help contractors apply for SR&ED credits
The Canadian Construction Association (CCA) and Canadian Construction Innovations (CCI) announced a partnership with Invennt Business Inc. yesterday to help construction companies apply for the Scientific Research and Experimental Development (SR&ED) credit.
The SR&ED credit is a federal tax incentive program designed to encourage Canadian businesses of all sizes and sectors to invest in innovation. The program is governed by the Canada Revenue Agency (CRA), and offers companies of all sized tax deductions and tax credits for experimenting with new technologies. Annually, it distributes as much as $3 billion to more than 20,000 businesses.
The CCA/CCI partnership with Invennt offers members the opportunity to take advantage of professional grant-writing services so that they can complete their SR&ED applications in compliance with tax laws and the CRA’s filing process.
“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.
“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. “The SR&ED credits will help the industry to remain competitive, grow and to reinvest to promote innovation.”
CCA and Invennt have identified an opportunity to grow SR&ED claims from the current 0.7 percent to close to 7 percent, which would bring it in line with the industry’s share of the Canadian economy. The service will be offered to members through their respective local construction associations.