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Innovation has become critical in the agri-food industry. With retailers demanding that processors do more with less, new regulatory demands, and increased consumer focus on health, companies must develop new ideas and processes if they want to stay in the game. In Budget 2012 the Canadian government announced a number of changes to the way it fosters innovation that could help agri-food processors deal with the challenges they face.
If you’re doing R&D to provide the same product at a lower cost; improve packaging, environmental sustainability, or web-based customer interaction; establish traceability; or develop functional or anti-allergenic foods, you may be eligible for the SR&ED tax credit.