Your costs may be eligible for reimbursement – We can show you how.
You could recoup up to 64% of eligible employee costs, up to 42% of material costs and up to 33% of sub-contractor costs.
To prevent any potential problems or audits, it is essential to make sure that your SR&ED claim complies with all applicable tax agencies' laws. To achieve compliance, an SR&ED consultant should conduct the following actions: In-Depth Evaluation: To ascertain...
The Canadian SR&ED program was created to incentivize companies to carry out scientific research and experimental development activities domestically. It provides qualified enterprises that carry out eligible research and development (R&D) activities with tax...
While government sponsored programs in Canada are mainly funding work done in Canada, some foreign based work may be funded also.
Sometimes a company will have project work done in another province than the one in which it is situated. If that is your company, make sure that any SRED claim is filed for the province in which the work was done.
What is the likelihood of changing a CRA reviewer’s mind after they have made a proposal about your claim? We have seen such a change occur, more than once, but such a result is a minority outcome.
The in-person review of your SRED claim involves determining whether you did eligible work, and then if it is decided that you did, a reviewer makes a decision as to what it cost, i.e.: what expenditure amounts are eligible.
Once the CRA reviewers have looked over your claim and received as much of the requested information that they think they are likely to get, they will either accept the claim as filed, or they will write a proposal to amend the claim.
Once your SR&ED claim is filed (within 18 months of the corporation’s year-end…..NO exceptions), CRA processes it. The initial review is a computer-assisted one that assigns a risk assessment score based on the wording and financial info provided.
The purpose of the SR&ED legislation is to induce technological advancement within Canadian industry. This requires research and experimental development.