Claimants paying 30% in fees – meaning that out of $4 billion of SR&ED tax credits paid out, consultants received $1.3 billion! A recent article in the Globe and Mail is considered to be a bit sensationalistic around the subject of SR&ED consultants and the fees they are paid. Here is a bit of background [...]
Most accountants will routinely fill out a SR&ED tax form if you ask them to. But there may be a +100% difference between your accountant’s claim and a SR&ED Engineer’s claim. And that’s because a SR&ED tax claim is roughly 15% accounting, and 85% technical. Your accountant knows you and your business very well, but [...]
Why don’t more companies take advantage of SR&ED? Here are some of the top considerations Canadian business people have about applying for SR&ED tax credits: 1. “It’s too complicated and time consuming to be worth it.” Is a cash refund of $30,000 – $2,000,000 worth something to the yearly cashflow of your business? If you [...]
In the following pictures of the T661 form, you can see where you have to fill out the technical details of your claim. Make sure you have SR&ED engineer who has done this many times before — or you may have to defend your claim, spending time and money that could be allocated elsewhere. Question about [...]
How to get substantial tax credits for your business without expending cash or wasting time. The SR&ED tax incentive program can give you cash-back tax credits for the research you’ve done, and you don’t need a PhD or a research lab to get them. Any taxpayer who runs a business in Canada and employs Canadians may [...]
Here’s a formula for getting the best SR&ED return in the least amount of time (and the least amount of minimum risk): Your research and development SR&ED tax claim may eat up a lot of resources. Not only does the CRA have thousands of pages of eligibility guidelines, but R & D can often be [...]
There’s a big difference between what your accountant sees and what a SR&ED engineering specialist would see. For example, an accountant would look at something you had produced and quantify according to his/her knowledge of that particular thing. Let’s use an example of a specific component of something that is part of a larger process [...]
H0w how you can receive a cheque from Revenue Canada’s SR&ED Tax Credit Program… AND how you don’t need a research department to get substantial cash-back tax credits each and every year. Any industry is eligible. Whether you’re a 3-man machine shop in British Columbia or a large furniture manufacturer in Nova Scotia – if [...]
