IRAP Presentation, Craig Wardlaw - ONEIA EBOB January 26, 2012
Everything You Need to Know About IRAP Funding
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Transcript of Everything You Need to Know About IRAP Funding
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EVERYTHING YOU NEED TO KNOW ABOUT IRAP FUNDING - Including SR&ED Presented by Ron Matheson, Advisor – Concierge Service at National Research Council and Jeff Christie, Partner - Boast Capital November 26, 2015
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OUTLINE
I. Overview of the Concierge Service
II. IRAP Program
III. Q&A
IV. SR&ED
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NATIONAL RESEARCH COUNCIL CANADA INDUSTRIAL RESEARCH ASSISTANCE PROGRAM
Supporting SME growth through innovation and technology
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NRC Industrial Research Assistance Program 5
NRC MISSION • Working with clients and partners, we provide innovation support, strategic research, scientific and technical services to develop and deploy solutions to meet Canada’s current and future industrial and societal needs. •
NRC-IRAP MISSION • Accelerate the growth of SMEs by providing them with a comprehensive suite of innovative services and funding
NRC Industrial Research Assistance Program 5
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NRC Industrial Research Assistance Program 6
Delivered by a network of over 400 professionals located in more than 100 communities across Canada
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NRC Industrial Research Assistance Program 7
How we serve • Provide advisory services
• ITAs, Concierge Advisors (new)
• Offer strategic, competitive, business intelligence
• Promote networking and linkages with potential partners in Canada and abroad
• Enable non-repayable financial assistance
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NRC Industrial Research Assistance Program 8
How to become a client
NRC Industrial Research Assistance Program 8
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NRC Industrial Research Assistance Program 9
If your company meets all of the following criteria: • small-or medium-sized firm (fewer than 500 full-time
employees)
• located in Canada
• incorporated and profit-oriented
• want to grow through development and commercialization of innovative, technology-based products, services, or processes in Canada
Your company may be eligible for support
1. Eligibility
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NRC Industrial Research Assistance Program 10
2. Meeting at your company’s site An Industrial Technology Advisor (ITA) will visit you at your location to better understand • Your business structure (ownership, management, etc.) • Your business strategy • The nature of your activities (products/services, clients, competitors…) • Available resources (human, material, etc.)
You will • Discuss how NRC-IRAP can help you achieve your business goals • Learn more about the variety of NRC-IRAP services and programs • Oversee the conditions for financial contribution support
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NRC Industrial Research Assistance Program 11
3. Project definition
• Definition of the business opportunity
• Identify the client’s needs
• Decision to “buy” vs. “develop” new technology
• Define the project’s objectives, resources, timelines, deliverables, etc.
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NRC Industrial Research Assistance Program 12
4. Proposal for financial support Your proposal must:
• Provide an overview of your business
• Contain a clear description of the activities necessary to achieve your project
• Identify clear and measurable objectives
• Elaborate a realistic budget that is coherent with your project’s activities and resources
• Identify other sources of financing, if necessary
Your ITA will provide you with an online template
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NRC Industrial Research Assistance Program 13
5. Proposal evaluation Project assessment:
• Understanding the business opportunity
• Evaluating the firm and its capabilities
• Assessing the project content and technical risk Determining the financial contribution level for all costs: • What activities are required to accomplish the project?
• What are the expected results?
• What is the overall cost of the project?
• What portion of the project does NRC-IRAP support?
• Are the project costs reasonable?
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NRC Industrial Research Assistance Program 14
6. Project management and follow-up
Your ITA will work with you from start to finish:
• Offer support throughout the life of your project
• Ensure you reach your ultimate technical and business objectives
• Follow-up to ensure you maximize the commercial benefits resulting from your project
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NRC Industrial Research Assistance Program 15
0%
5%
10%
15%
20%
25%
30%
35%
40%Aerospace
Agriculture&Food
Construction&Related
EnergyandEnvironment
Health&LifeScience
ICT(DigitalEconomy)
Manufacturing&Materials
Others
Our clients by industry sector
Year 2012-2013
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NRC Industrial Research Assistance Program 16
Impact
FINANCIAL NRC-IRAP $1 $10 revenue for the firm
ROI NRC-IRAP $1 $12 economic impact
JOBS 8,500 high quality jobs supported yearly
NRC Industrial Research Assistance Program 16
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NRC Industrial Research Assistance Program 17
Who to contact?
Ron Matheson – Edmonton Centre Concierge Advisor: Tel: 780 429-6363, ext 227 Email: [email protected] Karl Miller – Calgary Centre Concierge Advisor: Tel: 403 299-8014 Email: [email protected]
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OVERVIEW OF THE SR&ED PROGRAM
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WHAT IS SR&ED?
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APPLICABLE INDUSTRIES
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QUALIFYING CRITERIA
Must meet three criteria to qualify for SR&ED:
1. Technological Challenges 2. Technological Uncertainty 3. Technical Content or Iterations
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ELIGIBILITY The CRA’s 5 questions: 1. Was there a scientific or a technological
uncertainty that could not be removed by standard practice/engineering?
2. Did the effort involve formulating a hypothesis
specifically aimed at reducing or eliminating the uncertainty?
Continued…
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ELIGIBILITY 3. Was the adopted procedure consistent with the
total discipline of the scientific method, including formulating, testing, and modifying the hypothesis?
4. Did the process result in a scientific or
technological advancement? 5. Was a record of the hypothesis tested and
results kept as the work progressed?
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SR&ED BENEFITS
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WHO CAN CLAIM?
SMEs = defined as generating less than $500K taxable net income in the prior fiscal year.
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SR&ED BENEFITS Return rates for SME CCPCs:
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SR&ED BENEFITS Return rates for non-CCPCs:
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CRA REQUIREMENTS
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TECHNICAL DOCUMENTATION
CRA requires that SR&ED documentation must: § Have been documented at the time the work was
completed § Highlight technical obstacles or challenges § Be dated
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TECHNICAL DOCUMENTATION § Most important thing is to document the technical challenges/obstacles as the work progresses.
§ Capture: the problem and the iterations undertaken to attempt to resolve the problem
§ What are the different hypotheses and how was each hypothesis tested?
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TIME TRACKING
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FINANCIAL STATEMENTS
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WHEN TO CLAIM?
18 Months Past Fiscal Year End § Current Claim = Within 6 mo § Amended Claim = Within 7 to 18 mo
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TURNAROUND TIMES
From receipt of a complete claim:
§ CCPC Current Claim – 4 months § CCPC Amended Claim – 8 months § Non-CCPC Claim – 12 months
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CRA REVIEWS
CRA Review ≠ Tax Audit Multiple types of Reviews:
§ Desktop § Financial § Technical & Financial § First Time Claimant Advisory Service (FTCAS)
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JEFF CHRISTIE PARTNER 403 589 2809 | [email protected] BoastCapital.com | @BoastCapital | @ChristieLuge