SR&ED Industries | Chemicals, Oil & Gas

SR&ED Industries | Chemicals, Oil & Gas

The Mining, Oil and Gas industries are dominated by mineral exploration. Mineral exploration expenditures consist of all exploration; drilling; and geological and geophysical expenditures associated with the pre-development stage of mineral and oil gas industry. Chemical and Process Engineers are champions for ongoing improvement in the oil and gas industry. They examine how raw materials are transported or converted into other products, and improve the efficiency and economics of these processes. Chemical process engineering applies to most oil and gas operations. Canada is the world’s third largest producer of natural gas with average annual production of 6.4 trillion cubic feet (tcf).Canada’s oil industry produces over 2.1 million barrels of oil per day (2011) and is part of the global crude oil market. The oil and gas industry employs half a million people in Canada. Contributes about $24 billion to governments every year.

Innovation and SR&ED

Innovation helps the oil and gas industry become more reliable and secured, , efficient, productive and less harmful to the environment. Here are just a few examples of new technologies making a difference in the oil-patch: Injecting CO2 into reservoirs removes carbon out of the air and enhances oil and gas recovery.

Industry leaders are constantly engaged in research, design and development of new instruments or machinery. Improvements on technology or maintenance processes are part of the oil and gas sector. It is probable that in the course of your project(s) you will encounter technological uncertainties. Experimentation and testing is an integral part of reaching your objective. The Scientific Research & Experimental Development (SR&ED) program is a rewarding government incentive tax credit that has contributed to the growth of the Oil and Gas sector.

Note: The SR&ED tax credit definition specifically excludes the direct “prospecting, exploring or drilling for, or producing, minerals, petroleum, or natural gas.” However, SR&ED in this sector can often be found in supporting activities, especially if existing products or processes have been modified or improved.

You Maybe Eligible For SR&ED, If activities involve:

  • Paints and coating
  • Inorganic and organic chemicals
  • Soaps and detergents
  • Synthetic rubber
  • Pesticides
  • Petrochemicals
  • You have experienced issues with a non-stable compound
  • You have made any modifications to your current equipment
  • You have experimented with a new catalyst
  • You have attempted to increase the processing capacity

CTAP (Canadian Technology Advancement Partners) specializes in the preparation of R&D credits’ (SR&ED) submissions for Mechanical, Electrical, Chemical, Material, Civil and other fields of engineering companies engaged in building machinery or other sub sectors classified in the same industry as establishments with similar type of engineering. We understand that innovative companies may not have the internal staff resources to prepare and manage their claims. That’s why we offer a complete end to end service and the expertise you require to maximize your claim. We invite you to think of us as your virtual R&D tax credit team – a resource that you can count on to process your claim now and provide you with on-going advice and support in the future. All CTAP consultants have direct experience in working in the field. And since our consultants understand the processes and methodology of product development, they are able to complete your claim with less disruption to your day-to-day activity.