Radiologists are constantly adapting, improving, and finding new ways to solve challenges in their practices. What many radiologists do not realize is that some of this work may qualify for Scientific Research and Experimental Development (SR&ED) tax credits, one of Canada’s largest corporate tax incentive programs.
SR&ED is the name of Canada’s largest corporate tax incentive program. This program was designed to reward Canadian businesses of all sizes that have attempted to solve uncertainties and challenges, in fields of technology, science and medicine.
For incorporated radiologists, qualifying SR&ED activities can arise when a practice encounters a technological challenge or uncertainty and works systematically to develop, improve, or overcome it. Depending on the work involved, this could include developing or improving clinical processes, adapting technology to address a specific practice challenge, evaluating new approaches to diagnostic processes, improving workflow systems, or developing solutions where existing technology does not fully meet the practice’s needs.
Importantly, SR&ED is not limited to formal research or projects conducted in a laboratory. Eligible work can occur as part of the day-to-day operations of a medical practice, provided it meets the program’s technical and eligibility requirements.
On average, the typical annual government refund per MPC ranges between $25,000 and $200,000 per fiscal year, depending on the scope and nature of eligible activities.
An Exclusive CAR Member Benefit
As part of the Canadian Association of Radiologists’ exclusive member benefits, CAR members can take advantage of:
- A complimentary, no-obligation SR&ED eligibility assessment
- An exclusive CAR member discount of up to $750 on Bond’s professional fees for the first three successful claims
If your radiology practice has invested in improving processes, implementing or adapting technology, developing new solutions, or overcoming technical challenges, it may be worth taking a closer look at whether that work could qualify for SR&ED.
Find out whether your medical corporation may be eligible to claim SR&ED tax credits. Take advantage of your exclusive CAR member benefit and book a complimentary eligibility assessment with Bond Consulting Group.
Bond at a Glance
Bond Consulting Group is Canada’s largest independent SR&ED consulting firm, specializing in helping incorporated medical professionals identify and claim SR&ED tax credits.
For more than 20 years, Bond has helped corporations across Canada access more than $300 million in government tax incentives. Bond’s team of SR&ED specialists works with medical professionals to identify potential opportunities, assess eligibility, prepare claims, and support clients throughout the CRA review process.
The goal is simple: help eligible medical corporations claim the tax benefits they may already have earned, without adding unnecessary administrative burden.