GrowWise Joins Communitech: SR&ED Support for Kitchener-Waterloo Innovators
GrowWise has officially partnered with Communitech as part of their Pro Squad to offer SR&ED support to KW innovators.
The Interactive Digital Media Tax Credit (IDMTC) program is a provincial government initiative designed to support the creation and production of interactive digital media products. It provides refundable tax credits to companies developing eligible digital media projects, such as video games, educational software, and mobile applications. The program aims to stimulate growth in the digital media industry, encourage innovation, and create high-tech jobs.
Each province offers its own version of the IDMTC with specific criteria, rates, and application processes. For example, Ontario’s Interactive Digital Media Tax Credit (OIDMTC) provides a refundable tax credit of up to 40% on eligible labor, marketing, and distribution expenses. Similarly, British Columbia offers a tax credit of up to 17.5% on qualifying expenditures through its Interactive Digital Media Tax Credit program.
To qualify, projects must be primarily intended to educate, inform, or entertain and must be interactive. Companies must apply for certification and provide detailed documentation of expenses to claim the credit.
Streamlined Process: Reduced complexity and time required to complete and submit applications.
User-Friendly Navigation: We understand the requirements, and accurately input necessary information, reducing errors.
Clear Guidance and Support: Ensuring you receive all eligible credits without unnecessary delays or frustrations
Regulatory Compliance: We stay updated with the latest changes in tax laws to provide accurate and compliant claims, saving you time and stress.
Maximize Claim Leveraging our in-depth knowledge and experience, we identify all eligible IDMTC, ensuring that your organization receives the maximum possible financial benefit.
Streamlined Process: Our tailored solutions and dedicated support reduce administrative burdens, allowing you to focus on your core operations while we handle the intricacies of your IDMTC claim.
Maximize Government Funding: We know how to bring IDMTC, SR&ED and grants together to provide your company with the maximum non-dilutive funding.
Cost Allocation To get the most out of government programs, rely on us to allocate your expenses to the program which brings leads to the greatest benefit.
Full Service We make certain you are compliant with your tax filings, CRA and local government agencies.
Confidentiality: Underpinning everything we do is security and confidentiality. We employ state of the art cybersecurity, compliance, data storage, and data security. Your information is safe with us.
Comprehensive service: with many of claims filed, we understand what it takes to get a IDMTC claim across the finish line to maximize your benefit.
Tax experts: Combined with our technical and financial experts, we have a team that understand IDMTC in each province better than anyone.
You should apply for the tax credit after the fiscal year in which eligible expenses were incurred but typically before you file your corporate tax returns. Each province may have specific deadlines, so it’s important to confirm these dates to ensure timely submission.
Most Canadian provinces offer some form of Digital Media Tax Credits, but the specifics of the program, including eligibility and benefits, can vary significantly. Some provinces might not have a dedicated digital media tax credit but could offer other forms of incentives for digital development.
Typically, ongoing maintenance, support, and content updates are not eligible for Digital Media Tax Credits, as the credits are generally aimed at the initial development phase of digital media products.
Yes, the deadline for applying for Digital Media Tax Credits varies by province but generally aligns with fiscal or tax reporting deadlines. It is important to apply within the deadlines set by the provincial authority managing the tax credit program, typically requiring applications to be submitted within 18 months of the fiscal year-end in which the eligible expenses were incurred.
Foreign companies can apply if they have established a Canadian corporation or a permanent establishment within the province offering the tax credit. Direct applications by foreign entities without a Canadian presence are typically not eligible.
Corporations registered in Canada that are developing eligible interactive digital media projects can apply for a Digital Media Tax Credit. The specific eligibility requirements can vary by province, including the type of corporation and the nature of the project.
GrowWise has officially partnered with Communitech as part of their Pro Squad to offer SR&ED support to KW innovators.
Unlock growth in digital media! Discover how interactive digital media tax credits can transform production costs and fuel innovation for small indie studios and beyond.