By Chady Zahri, Chief Executive Officer · Updated October 8, 2026

Voxen insight

Look at the size of the expected credit first. Above Investissement Québec's minimums, its tax-credit financing is built for exactly this wait. Below them, or if the claim is uncertain, financing that rests on your revenue rather than on the refund is the safer bet, because a smaller or later refund does not break it.

What SR&ED and CRIC are worth to a small business

Both are refundable tax credits on research and development spending, one federal and one from Quebec. They are paid after the claim is filed, which is why the wait matters. The figures below are from the official pages.

Checked on 2026-10-08.

Why the refund leaves a gap in your cash

The salaries, contractors and materials behind a claim are paid during the year. The credit is claimed after the year ends, and a review can add time before the money arrives. For a small team, that can mean a year or more of R&D spending carried on the bank balance. Do not plan payroll on a refund date: the date is not yours to set. One change helps with planning. Since April 1, 2026, CRA offers an optional pre-claim approval process and aims to give a determination within eight weeks.

Option 1: tax-credit financing from Investissement Québec

Lending against a refundable tax credit is a specialist product, and Investissement Québec offers it. Its tax-credit financing either lends against your refundable credits or backs your own bank's loan for up to 80%.

If your expected credit clears those minimums, this is the product built for your situation, and it is the first call to make. Ask how the loan is repaid when the refund lands, and what happens if the credit comes in lower than claimed. Voxen does not offer it and does not lend against tax credits.

• The loan covers 75% to 100% of the expected credit.
• The minimum is $50,000 for SR&ED credits and $20,000 for other credits.

Option 2: working capital that does not depend on the credit

If your credit is below the minimum, or you would rather not tie the financing to the claim, general working capital fills the gap. It is assessed on your revenue and bank activity, so it works whether the refund arrives early, late or smaller than expected.

It usually costs more than bank financing, and the refund is not used as security.

• A line of credit for payroll and contractor costs during the year, repaid when the refund lands.
• Invoice factoring if you also sell to business customers who pay slowly.
• A term loan for a defined project such as equipment or a lab fit-out.

Before you claim: CRA's warning about promoters

CRA has flagged a rise in SR&ED claims with false or non-compliant information, and its advisory tells businesses to be wary of anyone who tries to convince them to file "when your business is not actively conducting R&D work." The claimant is legally responsible for the claim, not the person who sold it. Many trucking, restaurant, retail and staffing businesses do no SR&ED work at all. If you are not sure your work qualifies, ask your accountant before anyone else.

Where Voxen fits while you wait

Voxen does not prepare SR&ED or CRIC claims and does not lend against them. If your credit is large enough for Investissement Québec's tax-credit financing, we will tell you to call them first. Where Voxen fits is the working capital around the claim: a facility sized on your business that keeps payroll and suppliers paid whatever the refund date turns out to be. The R&D tax credits page of the grants hub gathers the program details.

What to do next

Estimate the expected credit with your accountant. If it clears Investissement Québec's minimums, start with its tax-credit financing. If not, or if you want financing that does not depend on the claim, apply with Voxen for a line of credit sized on your revenue.

Frequently asked questions

Can I get money before my SR&ED refund arrives?

Yes, in two ways. Investissement Québec's tax-credit financing lends 75% to 100% of the expected credit, with a $50,000 minimum for SR&ED credits. Or you can use general working capital, such as a line of credit, assessed on your revenue rather than on the claim.

Does Voxen lend against an SR&ED or CRIC claim?

No. Voxen does not lend against tax credits and does not prepare claims. It arranges working capital based on your business's revenue and bank activity, which carries you whatever the refund date.

What changed in SR&ED for 2025 and 2026?

For tax years beginning after December 15, 2024, the expenditure limit doubled from $3M to $6M, the taxable-capital phase-out moved to $15M to $75M, and capital spending became eligible again. An optional pre-claim approval process opened on April 1, 2026.

What is the CRIC?

Quebec's refundable credit for research, innovation and commercialization. It pays 30% on qualifying R&D and pre-commercialization spending above a threshold, up to $1M of that spending, then 20%, for tax years beginning after March 25, 2025.

How do I know if my business qualifies for SR&ED?

Ask your accountant, not a promoter. CRA warns businesses to be wary of anyone who pushes a claim when the business is not actively doing R&D, and the claimant is legally responsible for what is filed.

Related

• Chady Zahri — Chief Executive Officer
• R&D tax credits in the grants hub
• SR&ED tax credit
• CRIC tax credit
• NRC IRAP
• Business line of credit
• Term loans
• How to Fund Your Share of a Government Grant While You Wait for the Payout
• Working Capital Loans: Keep Your Business Running Smoothly
• Business Line of Credit: How It Works and When You Need One
• Open Now: Business Funding Programs in Canada and Quebec (October 2026)

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