Boast AI
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About
Boast is an AI-driven platform that helps companies identify and claim innovation capital. It combines technical and R&D tax expertise with AI to simplify claim preparation and maximize returns. Boast helps you easily identify and claim more innovation capital with our secure, AI-driven platform and in-house R&D tax expertise. From project identification and strategy, to evidence collection, Boast assists throughout the entire process. The platform continuously identifies eligible R&D work and investments throughout your product development. With features like real-time tracking of your claim, R&D investment analysis, secure data management, and a digital audit binder, Boast offers complete transparency and control.
Platform
Task
Features
• ai-driven platform
• r&d investment analysis
• real-time tracking of your claim
• digital audit binder
• secure data management
FAQs
What are R&D tax credits?
R&D tax credits are government incentives designed to encourage innovation by reducing the tax burden on businesses conducting research and development activities.
What are the eligibility criteria to qualify for R&D Tax Credit programs in Canada?
To qualify for R&D Tax Credit programs such as SR&ED, a business must: 1. Conduct research and development activities aimed at advancing scientific or technological knowledge. 2. Show a systematic approach to experimentation. 3. Incur eligible expenditures.
Who benefits the most from R&D Tax Credit programs?
R&D Tax Credit programs benefit multiple stakeholders: Business Owners/CEOs, CFOs/Finance Teams, CTOs/Engineering Leads, Innovation & Product Leaders, R&D Tax & Compliance Teams.
Startups: How do R&D Tax Credit programs benefit startups?
Startups benefit significantly from refundable tax credits, such as SR&ED’s enhanced rates for CCPCs, which can provide much-needed cash flow to reinvest in early-stage product development and innovation.
Small and Medium Businesses: How do SMBs benefit from R&D Tax Credit programs?
SMBs use these programs to offset R&D costs, reinvest in scaling operations, and reduce taxable income, allowing them to compete with larger players in the market.
Mid-Market Businesses: How do mid-market businesses benefit from R&D Tax Credit programs?
Mid-market companies leverage these incentives to fund significant R&D projects, gain a competitive edge through technological innovation, and optimize overall profitability.
What is the SR&ED program?
The Scientific Research and Experimental Development (SR&ED) program is Canada’s largest federal tax incentive program supporting research and development.
What is the Investment Tax Credit (ITC)?
The ITC is a federal tax incentive under the SR&ED program, allowing taxpayers to earn credits on eligible R&D expenditures, with enhanced rates for Canadian-Controlled Private Corporations (CCPCs) and Canadian Public Corporations.
What are the ITC rates?
The basic ITC rate is 15% for most entities, while CCPCs and CPCs may qualify for an enhanced refundable rate of 35% on the first $3 million of eligible R&D expenditures for claims prior to December 13, 2024, and $4.5M after December 13, 2024.
British Columbia: What is the SR&ED tax credit rate in British Columbia?
BC offers a refundable credit of 10% on eligible expenditures for CCPCs and a non-refundable credit of 10% for other corporations.
Alberta: Does Alberta offer a provincial SR&ED tax credit?
Alberta offers the IEG (Innovation and Employment Grant) program, which is SR&ED, by another name. Companies get 8% to 20% back on all Alberta SR&ED eligible expenditures.
Ontario: What is the Ontario Innovation Tax Credit (OITC)?
The OITC is a refundable tax credit of 8% for small and medium-sized corporations conducting eligible R&D in Ontario.
Ontario: What is the Ontario Research and Development Tax Credit (ORDTC)?
The ORDTC is a non-refundable tax credit of 3.5% for corporations conducting eligible R&D in Ontario.
Quebec: What is the Quebec R&D tax credit rate?
Quebec offers a refundable tax credit with varying rates depending on the company size and research type.
Other Provinces: Which provinces offer refunds versus credits for R&D tax programs?
Refundable credits are available in provinces like Nova Scotia (15%) and Manitoba (7.5% for in-house R&D and 7.5% non-refundable). Non-refundable credits are common in other provinces.
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