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Minister Blackburn delivers $630,000 in research and development investment tax credits to Professional Components Ltd.

2009-08-10
Victoria, British Columbia, August 10, 2009…  The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri-Food), met today with Mr. David Smith, President and Chief Executive Officer of Professional Components Ltd., and personally delivered $630,000 in scientific research and experimental development (SR&ED) investment tax credits earned by the company. 
 
During a tour of the company’s facility in Victoria, Minister Blackburn spoke with company officials about the importance of the SR&ED program as the largest source of federal government support for industrial research and development.
 
“The Government is supporting Canadian businesses like Professional Components Ltd., which provides high quality, innovative products and services to the transportation, marine and scientific community,” said Minister Blackburn. “Businesses like Professional Components Ltd. are crucial to the long-term growth of our economy, providing sustainable jobs in our communities and helping improve the quality of life for all Canadians.” 
 
SR&ED investment tax credits support Professional Components Ltd. in the design and development of shock mitigation marine solutions.
 
“The SR&ED program shows the Government’s commitment to supporting research and development in Canada,” said Mr. Smith. “The SR&ED program helps Professional Components Ltd. maintain a strong research and development program focused on pushing the boundaries of engineering and innovation in marine seating solutions.”
 
The SR&ED program is a federal tax incentive program administered by the Canada Revenue Agency, which encourages Canadian businesses of all sizes, and in all sectors, to conduct research and development in Canada. The SR&ED program gives claimants cash refunds and/or tax credits for their expenditures on eligible work done in Canada.
 
For more information on the SR&ED program, and details on how to apply, go to www.cra.gc.ca/sred.


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