Scientific Research and Experimental Development
Canadian businesses are getting help from a team of experts who know how to get them the SRED tax credit and other grants and incentives.
Whether developing or improving a new product, working to reduce the environmental impact of a manufacturing process, or working on the next generation of technology, the Filing Taxes SRED practice helps clients access a significant number of tax refunds or credits. Our team is made up of dedicated professionals who offer expertise in diverse disciplines. We give you access to the best possible holistic advice.
With our help, you can also set up processes to make sure you meet the rules for tax credits, grants, and other incentives.
What is SRED?
SRED is a government tax incentive program to support and motivate Canadian companies that conduct R & D in Canada. Some of the indicators of an eligible SRED project include:
- A new application of existing technology
- Capital spending
- Budget overruns
- Developing or improving products and processes
- Technical issues
- Consulting studies
- Cost reduction strategies
- Environmental and regulatory compliance
- Integration of new technologies into old facilities
Criteria for eligibility for SRED are based on science or technology
- New knowledge gained from the development of new or improved products or processes.
- Small, incremental knowledge gains or improvements are eligible.
- Both successful and unsuccessful projects are eligible.
- Technological problems are resolved, leading to technological advancement.
- It can often look like routine work, but it is the context that matters. SRED occurs when you are moving beyond your existing knowledge base.
- The project must be executed via a systematic investigation vs. "trial and error."
- Work must be supported by some form of evidence and performed by qualified people.
Characteristics of an SRED project
If a project is eligible for an SRED tax credit, it must show that it's done in a field of science or technology through an experiment or analysis and that the work done is basic research, applied research, or experimental development.
Establishing this involves answering the following five questions:
- Was there scientific or technological uncertainty?
- Did the effort involve formulating hypotheses specifically aimed at reducing or eliminating that uncertainty?
- Was the overall method used consistent with a systematic investigation or search? For example, did it include formulating and testing hypotheses by way of experiment or analysis?
- Was the overall approach undertaken to achieve a scientific or technological advancement?
- Did you keep a record of the hypotheses tested and the results as the work progressed?
How Can Filing Taxes Help in Claiming SRED Tax Credits?
Filing Taxes educates businesses in all industries about SRED tax relief and assists in securing SRED claims.
Filing Taxes offers clients a complete host of SRED services that are designed to generate the highest possible tax credits and refunds without consuming their time and disrupting their day-to-day operations. Because we want to keep our customers' information private and make sure they are happy, we follow the highest standards of ethics and ethics.
At Filing Taxes, we take the time to learn about your business, your team, and the key drivers that contribute to the success of your operations. We then use this information to establish a foundation to prepare your SRED tax credits for claim. To file a strong claim, we will assist in grouping your eligible work into one or more SRED projects and must understand how your company works to develop a claim that is driven by its functions and actions. From the data, we gain a better understanding of what SRED projects exist and what should be claimed in CRA's program. As part of our information gathering process, we will help you figure out where your documentation is weak, and we will work together to improve your case.
Services We Offer:
Filing taxes Clients of the SRED practise are mentored to ensure that they meet programme requirements, file the required forms and reports, and ultimately improve their chances of success with the SRED program.Whether you just want simple advice or whether you need a turn-key solution, we can offer the right services to suit your needs, including:
Review of the SRED Tax Credit
People who hire us for scientific research and experimental development work can expect the process below to go like this, with no risk, once we determine that the work meets the requirements for a successful claim under this umbrella.
Our accountant will provide management and key personnel with an overview of the tax credit program and the process required to submit a successful claim. The goal is to educate businesses about the significant benefits they will be entitled to and how to properly prepare and identify projects that are under the envelope of SRED.
Our expert will meet onsite with appropriate personnel to identify potential qualifying activities and expenditures. Afterward, the technical analyst will ask a series of questions to find out about the technological uncertainties and process changes that will be used to make the claim.
Our accountant will draft and prepare a comprehensive technical description for each qualifying project using our proven case methodology to support the claim. All technical reports will have to be approved by senior managers as part of a very strict quality control program.
Our accountant will collaborate with your accounting department to assign costs for each qualified project. Labor expenditures, including subcontracting charges, materials, capital expenditures, and overheads, will be incorporated into the claim. First-time claimants will be given some leeway when it comes to cost estimates, but they will have to improve their reporting for future claims.
A scientific and financial cost audit, conducted in a different spirit than corporate audits, is to be expected, especially on larger or first-time claims. Although the government wants to give money or tax credits, they do need to verify that the claim is legitimate and well supported. Our SRED consultant will be with you during the audit and help you defend your claim.
You can hire a consultant to fight for you when the government questions the technical or scientific integrity of your project, such as by rejecting it or cutting back on the qualified work that was done.
Benefits for our clients
A Customer Service Guarantee
When you hire a chartered accountant, you expect to be able to rely on them not only for their SRED expertise, but also to get your calls, emails, and questions answered on time. We expect even more from ourselves and guarantee that each of our clients is satisfied with our level of customer service. We can strategically position claims and tailor them to your profile.
We have rich experience in tax and SRED in our firm, across many different industries and business types. We apply our expertise and tailor our approach to suit your needs, delivering the results that you expect. As a client, you can use all of our knowledge and experience to help you.
No learning curve:
With our deep understanding and practical experience that comes from advising some of Canada’s most innovative companies for over a decade, we’ll get to work immediately on meeting your needs. We help companies in all industries.
Full Spectrum Services:
We offer services that range from the full scope of SRED services, including claim strategy, claim review, claim preparation, tax return preparation, CRA review support, and tax structuring, to a review of your existing claims and systems. We can strategically position claims and tailor them to your profile. We help companies in all industries.
We know that there are deadlines that your business must meet when filing corporate taxes as well as submitting your SRED claim documentation. To make sure that we always deliver our SRED services on time, we make sure that we don't compromise on the quality of the work we do.
We offer flexible fee options and competitive rates.
For more information or to find out how we can help your business access the SRED tax credit and other grants and incentives, please contact us.
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