Grow your business by claiming SR&ED tax credits to funds your SR&ED project in Machine Learning.
Machine learning is a type of artificial intelligence that enables self-learning from data and then applies that learning without the need for human intervention. In actuality, there are many different types of machine learning, as well as many strategies of how to best employ them.
For example, if we attempt to implement Machine Learning algorithms into a data model, we will get certain analyses and outputs by identifying patterns in data. Implementing Machine learning algorithms in your SR&ED project could enable you to be eligible for the SR&ED tax credit.
The Scientific Research and Experimental Development (SR&ED) tax credit is a government incentive available to a wide range of companies in a plethora of sectors. This tax credit enables qualifying companies to obtain a deduction based on certain expenditures and costs associated with Research and Development activities.
SR&ED credits can reach a rate of 35% for Canadian Controlled Private Corporations (CCPCs) and 15% for other coporations. Provincial SR&ED tax credits are also available and rates and conditions vary by Province.
The credit is primarily used to offset Corporate Taxes, but for CCPCs, it is also reimbursable!
To have your innovation project evaluated or further discuss the SR&ED tax credit, reach out to our experts today!
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