Jean-Pierre Blackburn, Canada's Minister of National Revenue and Minister of State has met with Pierre Coulombe, Senior Operations Manager of IPEX Inc., to personally deliver more than CAD1.1m (USD949,952) in scientific research and experimental development investment (SR&ED) tax credits earned by the company this year.
During a tour of the company's facility in Montréal, Minister Blackburn met with company officials to discuss the importance of the SR&ED Program as the largest source of federal government support for industrial research and development.
"The government is supporting innovative Canadian businesses like IPEX Inc. which designs world-leading pioneering products," Minister Blackburn announced, adding:
"These businesses are crucial to the long-term growth of our economy, providing quality jobs in our communities and helping improve the quality of life for all Canadians."
SR&ED investment tax credits support IPEX Inc. in the research and development of one of the world’s most diverse lines of integrated thermoplastic piping systems - pipe, valves, fittings, auxiliary components and tools - all engineered from the ground up to handle the full range of today's municipal, industrial, commercial and residential applications.
"The SR&ED program shows the government's commitment to supporting research and development in Canada," Mr Coulombe continued, following on from Blackburn's statement.
"The SR&ED program helps IPEX maintain a strong research and development program focused on improving what is one of the world's most diverse lines of integrated thermoplastic piping systems. Investments in SR&ED have enabled IPEX Inc. to pioneer many industry breakthroughs - such as the world's largest diameter PVC pressure pipe and fittings, and large diameter ribbed pipe," he added.
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. It gives claimants cash refunds and/or tax credits for their expenditures on eligible work done in Canada.
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