According to a survey conducted by the American Express Small Business Monitor, more than half (58%) of small businesses have never heard of the SR&ED tax credit. Small business owners continue to have a negative outlook on their immediate future. While innovation remains a priority, they have indicated that improving their current product line (43%) is the most important factor in their future success. The poor economy has decreased the willingness of small business to take on increased risk.
The survey found that 28% of of small business owners have heard about the SR&ED tax credit, but don’t apply. Canadian small businesses seem to be neglecting to take full advantage of the SR&ED tax credit, whose average return is $67,832.
