The most important and the most generous of all programs to support the costs of research & development (R&D) and innovation in Canada is the Scientific Research & Experimental Development (SR&ED) tax credit program. There are two qualification components to this program. The “Scientific Research” part is a term for basic or applied research where a scientific knowledge is advanced with or without a specific practical application in view. The “Experimental Development” is a term for achieving technological advancement to create new or improve existing products, processes and/or technology.
Your company may be eligible under a vast array of activities, yet you may be even unaware of it. What this program means to you as a company is that if you undertake an activity which advances scientific knowledge and/or experimental development to achieve a technological advancement, then you are qualified for a tax refund. In other words, if your goal is to create new products, technologies and/or processes, or to improve, even incrementally, the existing ones, then you are conducting an eligible activity for a refund.
Your company will be refunded for salaries, subcontractor expenses, payments to universities or to research institutes, materials and overhead expenses. The refund is a combined pay out of Federal tax (ITC) and the provincial tax and these tax incentives come in three forms: an income tax deduction, an investment tax credit (ITC), and, in certain circumstances, a refund — all depending on a qualified company’s fiscal status.
We identify eligible activities/projects that fulfill the requirements of this program. We
have our propriety and proven process to establish a claim, but the general steps is as follow:
The SR&ED program pays out more than $4 billion annually to over 23,000 companies.
With years of extensive experience in accounting, engineering, management consulting and quality management, and in affiliation with Kreston GTA of Kreston International, a leading global accounting firm, we maintain our reputation and operate for success.
We understand that the path to new or improved technology, products and processes is internal research and development activities, and with your company’s strategic goals in mind, we will help you accordingly to take advantage of all current government innovation grants and incentives.
With our proven processes we maximize your tax credits through personalized, hands-on consulting, while at the same time, we focus on minimizing the time to establish your claim. We work on a contingency fee structure, meaning we assume 100% of the risk until you receive your tax credits.
A dedicated team of professionals will be assigned to your claim and will overlook the production of your claim. We will work with you on how to best position your company to get the most out of the incentives and we will represent you after submitting your claim.