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SR&ED: Financing Your Company’s Technological Innovation

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Updated on December 6, 2022

Digital technologies such as artificial intelligence can help boost your business’s productivity. Find out why and what financial assistance is available.

A few years ago, the digital transformation known as 4.0 mainly promised productivity gains for organizations that embarked on such projects.

Since then, the ecosystem comprising technology solution providers and entities that embrace the concept has matured and there is no doubt that the last few years have shaken up many predictions and results.

Real-life cases all around

At this point, it’s almost certain that you know of an organization that has already taken the first step in a digital and technological transformation. Many organizations from multiple industries have begun their shift by advancing their existing technological infrastructures.

To accomplish this, they have undertaken projects supported by enterprise resource planning, production management software, and automation service provider software suites as the initial source of information. This information has been leveraged by coupling existing systems with technologies such as computer vision, advanced robotics and decision support or preventive maintenance systems powered by artificial intelligence.

When evaluating these projects, the first question is “Can we afford it?” In 2022, the answer should be “Can we afford not to?”

Productivity remains an important goal, but the growing workforce issues are becoming a consideration that may sway your decision. Are there solutions that can fill the staffing gap or make your company technologically attractive to the candidates you are looking for?

SR&ED tax incentives to take you farther

The other issue that companies need to consider before moving forward with their digital transformation is how to tie in the new solutions with their existing systems.

Some innovative or larger-scale projects may come up against difficulties, such as having to deal with technologies that are not at the same level of maturity, maintaining legacy systems or integrating components into the environment that were intended for a completely different field.

This can lead to technological challenges. However, it is precisely because of such situations that there are programs designed to share the financial risks and help you overcome these obstacles, such as the SR&ED tax credit program.

Maximizing financial support and strategically planning each step in order to achieve your strategic, financial, operational and human objectives therefore becomes a necessity.

Did you know?

Various measures have been put in place to help you go digital, but the scientific research and experimental development investment tax credits that are available are still the most generous financial assistance in the country. In some cases, the combination of credits (Canada and Québec) can total nearly 70% of the expenses.

Don’t hesitate to call on our team specializing in SR&ED and technology innovation tax incentives for support in your digital and technology transformation initiatives.

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