The Scientific Research and Experimental Development (SR&ED) program remains a key opportunity for Canadian medical professionals investing in innovation. Whether you’re developing new treatment protocols, enhancing diagnostic tools, or improving patient care delivery—SR&ED offers real tax incentives for your efforts.
Is Your Practice Incorporated?
- Why it matters: If you’re operating as a Canadian Controlled Private Corporation (CCPC), you may be eligible for refundable tax credits of up to 35%. Sole proprietors, on the other hand, receive a non-refundable credit at 15%.
- Action: If you’re not yet incorporated, consult a financial advisor. If you are, ensure your corporate structure is optimized for SR&ED benefits.
Do You Have a Medical Specialty?
- Why it matters: Specialties such as oncology, radiology, or cardiology often involve cutting-edge innovation—perfect candidates for SR&ED support.
- Action: Record what sets your specialty apart. Highlight the technological advancements in your case studies or project summaries.
Are You Conducting Research?
- Why it matters: Your work doesn’t need to reinvent the wheel. Applying existing knowledge in new, innovative ways may qualify.
- Action: Maintain thorough documentation—experimental designs, data sets, methods, and analysis are essential for a strong claim.
Is Your Work Published?
- Why it matters: Publishing helps substantiate your contribution to scientific advancement, a key criterion for SR&ED eligibility.
- Action: Compile your published work, peer reviews, and supporting materials as part of your SR&ED documentation.
Are You Documenting Everything?
- Why it matters: Documentation is the foundation of your SR&ED claim. It proves your methodical approach to solving scientific or technological uncertainties.
- Action: Start early and keep it organized—digital tools can help manage research notes, plans, and results efficiently.
What Could Your Refund Look Like?
- A physician earning $150,000 and dedicating 30% of their time to research could receive a refund of approximately $29,475.
- A physician earning $200,000 with the same research time could see a refund of around $39,300.
MedTax.ca — Your SR&ED Partner in Medical Innovation
Our team specializes in helping medical professionals like you navigate the complexities of SR&ED. From identifying qualifying projects to preparing thorough documentation, we work alongside a team of SR&ED specialists to help maximize your claim potential and align your research with strategic tax planning.
Contact us today for a free 15-minute consultation and discover how SR&ED can support your practice’s commitment to innovation.
Please note that the processing times for SR&ED claims by the CRA are typically up to 60 days, with an additional period that can extend up to 180 days for a refund or credit to be issued. These timelines are important for effectively planning your practice’s financial strategy and cash flow management.
