Loss control industry trends, and realizing R&D defined is very simple that can give you tax credits give members good value and insight into their businesses!
The BWA now sits at 74 members! Our quarterly events have now evolved into opportunities to meet with wood industry colleagues, potential partners, and customer/suppliers as well!
This quarter, we had three main themes that were relevant to everyone:
Risk Management for Wood Product Manufacturers
As wood product manufacturers, our needs in managing risk in your operations are unique. What are our major exposures of risk? What are our major causes of loss and how do we prevent them? What are the trends in the industry and what do you need to be focused on? What coverage gaps do we need to be aware of? As a business owner, why should loss control matter to you? Case study examples with wood manufacturing operations were shared, and open discussion Q&A presented by BWA member Chris Cameron of The Magnes Group was enjoyed by all.
2. SRED:Scientific Research and Experimental Development Tax Credit Revisited
SRED has been around a long time, and a number of our seasoned BWA members have accessed this tax credit. However, there have been changes to the rules, and many NEW BWA members were not familiar with nor have ever applied for SRED. This addressed recent changes to the legislation and also the following questions: What is SRED? Who is eligible? What is eligible? What kind of refund can I expect? What do you look for in your manufacturing operation that could be eligible and how do you identify SRED eligible activities? What does the application look like? How long does it take to prepare an application? Audits: What happens at an audit and how do you prepare for an audit? Paper trail discipline while preparing your claim so you are ready for a potential audit. Benefits of using a consultant and expected costs. Case study examples of a wood manufacturing operation successful SRED applications were shared.Xurbo SRED Specialists provided this presentation with lots of time for Q&A. Many members showed great potential in tapping into this tax credit who had not before.
3. IRAP: Industrial Research Assistance Program (Industry Canada, National Research Council)
Many BWA members have used IRAP before to assist with the adoption of new technologies and processes to improve their businesses. The IRAP program continues to assist manufacturers as technologies change. IRAP is a very easy program to access, with recent changes and updates to the program including Advisory Services, Project Funding, Youth Employment Program, and Networking Linkages. Thenew IRAP representative for our region, Kris Conjeevaram, was pleased to take this opportunity to meet the BWA members and shared these details to members, followed by Q&A. Talk to other BWA members who have used the IRAP program before!