In collaboration with NorthBridge Consultants, this blog will post the most up-to-date news on the SR&ED or SRED program.
The Scientific Research and Experimental Development (SR&ED) program is a $3.5 billion business incentive program whose purpose is to promote research and development in Canada.
In 2011, Tom Jenkins (chairman and chief strategy officer at Open Text Corp) was asked to lead a committee to review the SR&ED program and to investigate how Canada can better spur innovation. Jenkins came up with 6 key recommendations, which are as follows:
- Create an Industrial Research and Innovation Council (IRIC) to streamline the application process and with the purpose of providing the most impact for SMEs
- Simplify the SR&ED program by basing the tax credits only on labour costs.
- Make business innovation a core focus of government procurement.
- Make some changes to the National Research Council (NRC) so that it becomes a set of large-scale sectoral collaborative R&D centres that involves linking businesses and academic communities.
- Help innovative firms access other funding where gaps currently exist.
- Make the government more accountable when it comes to innovation, and improve coordination and impact when the federal and provincial provinces are working together.
