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 be eligible, and it only takes one phone call to see if you qualify.
All you have to do is show you did some research to become more competitive in your market. It can be a technological advancement or obstacles you overcame, and the outcome does not have to be successful. You can claim up to 68% of wages, 41% of materials, and 41% of contractor costs, depending on your circumstances and the province you’re in.
Here’s how to get the best claim, with the lowest amount of risk, in the least amount of time:
1. Maximize your claim by having a SR&ED Engineer work with your accountant to process your claim.
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 he/she does not have an engineering degree. SR&ED Engineering specialists have an engineering background and specialize in writing SR&ED claims.
Where an accountant sees a chair, a SR&ED Engineer sees 10 components inside the chair, as well as all the processes and materials behind those components. They uncover technical procedures others might miss. That translates into a larger cheque or tax credit for you, and if you want to maximize your claim, you’ll need that technical edge.
2. Minimize the risk by paying for performance
The SR&ED Engineer collects a percentage of your claim only if your claim is successful. You invest the time to initiate the claim, and they absorb the financial risk. This reduces your out-of-pocket cost to zero.
3. Save time by working with professionals who have a consistently high rate of success.
Engage a SR&ED Engineer who specializes in your specific industry and has over 10 years engineering experience in the field. Avoid wasting time getting someone up to speed on your technology and other processes.
You are restricted to 1400 words to succinctly capture all of your technical procedures inside the SR&ED tax claims form. A SR&ED Engineer has mastered the technical descriptions that Revenue Canada approves of. You avoid audits and expensive challenges to your claim.
SR&ED Engineers have an extensive knowledge-base of previous claims to benchmark against. This ensures your claim is on par with other successful claims made in your industry.
And finally, experienced SR&ED Engineers have a failure rate of less than 1%. You can be confident the time spent in the SR&ED process will provide you with an excellent return on investment.
So wake up to what your competitors are doing!
Take advantage of the more than $4 billion the government provides in SR&ED tax claims to businesses like yours every year.
Use this simple strategy above to get your share.
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