SRED, SR&ED, IRAP, OITC, SDIFUB, SDKJNDS... So many acronyms! TCEG helps make sense of it all, helping companies claim and receive the refunds they are entitled to and that they must claim to remain competitive in today's competitive economy.
So, what are they?
SR&ED - SR&ED, sometimes contracted to SRED, pronounced like "Shred", stands for Scientific Research and Experimental Development.
RSDE - is the same thing, except in French. For the curious, it is "Recherche scientifique et développement expérimental (RS&DE)"
IRAP - this is the NRC Industrial Research Assistance Program - IRAP - NRC-CNRC. It is frequently mentioned in proximity to SR&ED (and SRED and RSDE and RS&DE, which are all the same thing) because the types of projects that are eligible for IRAP are frequently also eligible for SR&ED.
OITC - Ontario Innovation Tax Credit (OITC) is a 10% credit that is administered along the same rules as SR&ED. Because of the very similar rules, and the harmonized administration (i.e. the same division of government administers both programs), OITC is frequently discussed along with SR&ED, at least in Ontario.
The other acronyms mentioned in the lead for this article were simply gobbledygook, but if they really stand for something, please let us know!
Next Steps
- Read about Toronto SRED Consultants
- Contact TCEG
