A Better Way To Understand Technological Advancements
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Most companies who claim for the SR&ED tax credit mistakenly believe that a product or process is what forms the basis of an advancement in technology. However, when it comes to income tax, an advancement in technology is better defined as an advancement in one’s general understanding about science or technology whereby the knowledge gained is not generally accessible to a competent professional in his or her field.
Understanding what constitutes an advancement in technology and knowing how to claim such activity in the context of your company’s work may open new doors of opportunity that wouldn’t otherwise be discovered without a higher level of comprehension.
In order to better understand what it means to advance technology and other important terms in income tax law, expert legal and tax advice is critical.