SR&ED Tax Credit Consulting In Toronto
Let our experienced team of tax consultants assist you to finance your research and development costs with SR&ED tax refunds.
What is SRED?
A taxpayer’s expenditures made for Scientific Research and Experimental Developments (SR&ED) are subject to special tax treatment that can result in recuperation of 35% of expenditures in Tax credits or Tax refunds.
How we can help?
- Have our expert analyze your R&D activities.
- Determine which activities meet SR&ED tax credit requirements.
- Determine which R&D costs qualify for the Claim.
- Prepare a report and potential benefits, $ amount to be derived.
- Submit the appropriate schedule and documentation to the CRA.
Why apply for SRED credit?
You can obtain tax credit refunds or reduce your tax liability upto 35% of qualifying expenditures.
Utilize refunds to further finance your companies technological advancements.
A (Canadian Controlled Private Corporation) CCPC is entitled up-to a 35% tax credit of qualifying SR&ED expenditures, upto $3 million dollars of SR&ED expenditures.
A non-CCPC is entitled up to 15% tax credit of SR&ED expenditures.
Are you eligible for SRED?
Corporations, Individuals, Partnerships, and beneficiaries of a trust can qualify for the SR&ED tax credit. If you or your organization has created a new product, improved an existing one or taken a process and made it better you may qualify.
The scope of work has to fall under one of the below categories:
- Basic Research – work carried out to advance scientific or technological knowledge.
- Applied Research – work carried out to advance scientific or technological knowledge with the a specific practical application in view.
- Experimental Development – work carried out to achieve technological advancement, this is the most common type of SR&ED work.
The Key Factor
Determine if you achieved technological advancement by asking yourself-
- What technological uncertainties did you encounter when you tried to develop the product or process?
- What Knowledge did you gain from addressing those uncertainties?
If you are doing a systematic investigation or search by experiment or analysis to advance science or technology, your work qualifies.
Which R&D expenditures qualify for SR&ED refunds?
Expenditures directly related to your SR&ED work can qualify, such as:
Salaries and Wages
Contract Expenditures
Third Party Payments
Material Costs
Overhead
Other expenditures
Our Costs:
- We will provide a complimentary consultation, along with an assessment of your R&D activities and analysis of related expenditures.
- If we feel your activities could qualify for the SR&ED credit, we will provide our services on a contingency basis. Which means we would not charge our fees, unless you receive payment or credit through the SR&ED claim. Contact us to learn more.
