New SR&ED credit writing initiative launched to boost innovation in the Canadian construction industry

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Canadian Design and Construction Report staff writer

The Canadian Construction Association (CCA) says it and Canadian Construction Innovations (CCI) have set up an exclusive partnership with Invennt Business Inc. to offer Scientific Research and Experimental Development (SR&ED) credit writing services to the industry.

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 and its allocated funds are governed and distributed by the Canada Revenue Agency (CRA).

“For this reason, it’s important for businesses to have expert assistance in preparing and filing their claims in compliance with both Canada’s tax laws and the CRA’s established filing process,” the CCA says in a statement.

“An industry first, this new benefit 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 statement says.

“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 CCA preesident Mary Van Buren.

“We are thrilled to launch this partnership with Invennt to help and encourage our members to further their innovation goals,” said CCA chair John Bockstael. “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 per cent to close to 7 per cent, 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.

For more information about CCA SR&ED writing service or to download a guide visit: cca-acc.com/sred.

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