5 things to know about Canada’s innovation tax incentives
This year’s global pandemic has shaken industries all over the world — but many companies don’t realise they are owed tens of thousands of government dollars for past innovations. Here, Richard Hoy gives you the Top 5 things you need to know about Scientific Research & Experimental Development tax incentives (SR&ED):
1) If your business has created inventions, innovations, products and processes that didn’t work — don’t worry! It can still qualify for SR&ED, you just need to have kept good records of expenditure.
2) You can claim back 35 percent of qualifying R&D expenditures, up to a maximum of $3 million in each tax year, on qualifying products. The incentive is worth 15 percent of expenses above that amount.
3) You don’t have to be doing something totally new. Even improvements to existing innovations qualify for the SR&ED incentive. That will probably reduce the tax benefit but it also means much more of your work could qualify.
4) All too often, innovation is seen as the preserve of science and technology firms. However, it’s not all about test tubes and lab coats. Every sector can claim and we are seeing more claims than ever in the fields of construction, farming and transport — even Canada’s wineries are claiming more than ever.
5) Staff salaries DO count but that’s not all. Even contractor staff costs associated with third party firms that are helping you make your advances qualify as well.
Health Catalyst: An agile approach to healthcare data
Healthcare Catalyst is quite literally a healthcare providers’ catalyst for change when it comes to their measurable, data-informed improvement in analytics, software and services.
Founded in 2008 in Salt Lake City, Utah, Health Catalyst is dedicated to enabling health care organisations to build a healthcare-specific, open, flexible, and scalable data platform and fully integrated suite of analytics applications.
This enables health system partners, including Northwell Health in New York which serves a population of 11 million, to realise measurable value within months. “Our customers have recognised the potential to use data, to meaningfully improve their clinical, financial and operational business performance outcomes,” said Mike Doyle, Chief Customer Officer.
Formed by a group of healthcare veterans – with a quest to develop a data warehouse that could handle the complexities unique to healthcare data – they revolutionised the clinical process models and use of analytics and discovered the solution now known as Adaptive Data Architecture, which is agile, flexible and can be implemented in a matter of weeks compared to a matter of years.
Today, Health Catalyst helps clinicians in more than 250 hospitals that care for more than 100 million patients each year.
Health Catalyst offers a solution in three parts:
Data Operating System
Cloud-based DOS is a healthcare-specific, open, flexible, and scalable that provides customers a single environment to integrate and organise data.
Analytics applications build on top of the data platform and allow customers to make measurable clinical, financial and operational improvements.
World-class team of analytics and domain experts leverage technology to help customers shorten time-to-value and achieve sustainable, measurable improvements.
The fully integrated data platform and suite of analytics applications helped clients during the pandemic, in ways even Health Catalyst could never have imagined. Health Catalyst offered products and services to support customers’ agile response to the pandemic in four phases:
“By having the data operating system, our clients were able to take advantage of the integrated source of data to meet challenges that they were facing in their local geographies due to the pandemic in ways that we could never even have predicted,” said Doyle.
Doyle highlighted Health Catalyst’s Value Architecture group, which helps the company ensure that its technology and expertise are delivering measurable and meaningful value to our clients. “I think another key differentiator is our open platform that our clients are able to use to accelerate their own integration of data, but it is customisable, configurable in ways that makes it unique for them in ways other cookie cutter analytics just can’t match.
“We like to start every discussion by listening and understanding how we can help our customers avoid making mistakes and getting the most out of their investment in data.”
Speaking about their partnership with Northwell, Doyle said: “We're very grateful for this partnership and want to thank these visionary leaders who are able to envision a future using data that is light years beyond what we can think of today.”