SREDucate Yourself – SR&ED Quiz 1: What is SR&ED?
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Are you SREDucated? Take our SR&ED Quiz to find out.
Here at SR&ED Education and Resources, our goal is to educate our readers on everything related to the Scientific Research & Experimental Development (SR&ED) tax credit. In other words, to SREDucate. We know our stuff, but how well do you know the SR&ED program? Take our SR&ED quiz to find out.
What is SR&ED?
Let’s start with the basics: Do you know what SR&ED actually is? Before delving into the SR&ED program, it’s important to know what the tax credit is, who governs it, and who’s eligible to apply for it.
To test your SR&ED knowledge, take our quiz below. Keep track of your selections as you go; the answer key is at the bottom of the page, and based on your success you’ll find out if you’re a SR&ED expert or if you need a little more SREDucation.
Q1. Who is responsible for the legislation that governs the Scientific Research and Experimental Development (SR&ED) program?
a) Canada Revenue Agency (CRA)
b) Department of Finance
c) Canada Development Investment Corporation (CDIC)
d) Canada Business
Q2. Who is responsible for the administration of the SR&ED program?
a) Canada Revenue Agency (CRA)
b) Department of Finance
c) Canada Development Investment Corporation (CDIC)
d) Canada Business
Q3. The SR&ED program is available to
a) Any business operating in Ottawa
b) Any business operating in Ontario
c) Any business operating in Eastern Canada
d) Any business operating in Canada
Q4. Can a tax-paying corporation that is experiencing losses in the current fiscal year claim SR&ED?
a) Yes
b) No
Q5. Are charitable and not-for-profit organizations that are tax-exempt eligible to claim SR&ED?
a) Yes
b) No
Q6. Which of the following activities is defined by the CRA as eligible for SR&ED?
a) Basic research
b) Applied research
c) Experimental development
d) All of the above
Q7. Which of the following activities are defined by the CRA as ineligible for SR&ED?
a) Market research or sales promotion
b) Quality control or routine testing of materials, devices, products, or processes
c) Research in the social sciences or the humanities
d) All of the above
Q8. Basic research is research done with a specific application in view.
a) True
b) False
Answers
1. b 2. a 3. d 4. a 5. b 6. d 7. d 8. b
How is your SR&ED knowledge?
Based on how many questions you answered correctly, here’s how you stack up:
0-1: Uh oh. You definitely need some more SREDucation. Read more about the basics of SR&ED on our “What is SR&ED?” page.
2-3: Well, it’s a start. You’ve had a little SREDucation. Find out more about the SR&ED program through our blog posts.
4-5: You passed! You’ve had a moderate SREDucation. Maybe you’d be interested to read some of our research and analysis on SR&ED?
6-8: Fantastic job! You’ve had great SREDucation. Our Comprehensive Guide to SR&ED provides even more information on SR&ED.
