News Summary

Neo Financial, a Calgary-based fintech company, has effectively utilized the Scientific Research and Experimental Development (SR&ED) tax incentive program to fuel its rapid growth since its inception in 2019. By working with Boast, a company specializing in SR&ED claims, Neo Financial has turned its R&D efforts into a significant source of funding, enabling aggressive hiring and product development. Boast’s Director of Client Delivery, Kyla Mireault, emphasizes the importance of startups recognizing SR&ED as a growth strategy rather than a compliance exercise. The program’s potential to provide substantial financial support is often overlooked, with many startups unaware of their eligibility. Neo Financial’s strategic use of SR&ED has allowed it to scale its suite of financial products, offering alternatives to traditional banking. This approach has become increasingly valuable as venture capital becomes harder to access. By integrating SR&ED into their operational strategy, startups can extend their runway and avoid financial cuts, highlighting the program’s role as a vital funding model in Canada’s tech sector.