In the 2010-2011 fiscal year, almost $5 billion was given to innovative companies through 60 federal government programs. Over 75% of that was through the SR&ED program.
Scientific Research & Experimental Development (SR&ED)
The SR&ED program is designed to assist a broad range of companies developing new products or processes; it provides a refundable tax credit based on wages, contractors costs, materials, machinery, equipment, travel and training expenses, utility expenses, and some overhead.
We help companies identify key eligible areas, including potential risks to ensure maximum eligibility. We translate even the most complex elements of technical projects into a format understood by the CRA. Finally, we help create and implement viable SR&ED processes that work for any company, including methods for capturing costs & information during the years as well as tracking the claims while they are at the CRA.
It’s an excellent tax credit; however, it can be challenging to access due to inexperience. Common errors include:
Misinformation: many businesses miss out as they mistakenly believe they are not eligible.
Convolution: eligibility and application requirements are densely worded and subject to interpretation.
Unforeseen Requirements: stringent documentation requirements demand strong processes.
Complacency: perhaps you’ve applied before. Rulings in the Tax Court of Canada and politics subtly change the program yearly. Are you aware of these changes?
Our Approach: Guiding you from beginning to end.
Analysis: we identify key eligible areas, including potential risks to ensure maximum eligibility.
Clarity: we translate even the most complex elements of your project into a format understood by the CRA. Conversely, we can translate the complex program requirements and teach your team “CRA-speak”.
Linearity: we help create and implement viable SR&ED processes that work for your company, including methods for tracking the claims while they are at the CRA.
Service Structure: As unique as your products.
Perhaps you require a complete solution, or you would prefer something a la carte? As an agile company, we’re able to tailor our services to suit your needs. You’re not another checkbox at a large corporation; you’re one of our valued clients and we’ll always treat you as such. Best of all, we love teaching clients how to apply on their own. No more helpless organizations; if you’d like to learn how to write consistently successful applications, we can help with that as well.
A few sample services:
- Complete tax credit applications – From start to successful finish!
- Eligible expense costing – Maximize your return: did you claim everything you are entitled to claim?
- Technical Writing & Editing – Make sure you’re writing for the right audience. Clarity is critical.
- Last-minute SR&ED reviews – Did you say the right things? Have you answered the questions? Checked all the right boxes?
- Risk Analysis – Where are the risks? Are there red flags? Don’t invest without our expert opinion.
- Product / Project Reviews – Is your work eligible? Could it be eligible with a few minor changes?
- Educational Consulting – Train your team to help maximize your tax credits.
Don’t see a service listed? Contact us. We can probably help. If we can’t, we know someone who can. (Did we mention we’re really helpful?)
Contact us today to learn more about how The InGenuity Group® can help you access the SR&ED program.