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DEVELOPING INNOVATIVE STRATEGIES
 
 

 THE SR&ED PROGRAM

Click here to learn more about the SR&ED Program

THE SR&ED PROGRAM

The SR&ED program provides tax credits for scientific research and experimental development, and is designed to encourage research and development to help Canadian companies lead the world in new, improved and technologically advanced products and services.

 

The Canadian SR&ED tax credit program is one of the best in the world, providing billions of dollars in tax credits each year to more than 22,000 Canadian companies. Could your company be taking advantage of it?

FAQ

 

Are my company’s projects eligible for SR&ED?

If you’re a Canadian tax-filing entity and are involved in developing, improving the performance of or adding value to existing products, materials or processes, including testing and evaluating new techniques or technology, you are eligible to claim expenses for this work under the SR&ED program. Under the program, R&D is defined more broadly than often thought, and can apply to many of your day-to-day activities and processes.

 

Will my company be audited as a result of my SR&ED claim?

A SR&ED claim will not lead to a full business audit, unless CRA believes they have evidence of fraud. Assuming the presence of proper disclosure and accurate record-keeping, CRA will not perform a general audit of your company.

 

Only the SR&ED expenses you are claiming will be reviewed. Typically, first-time SR&ED claims are reviewed by both a technical adviser and a financial reviewer. The review is performed by CRA based on the technical descriptions you have submitted. The length of the review is generally determined by the size and complexity of your claim.

 

How far back can I claim?

You have 18 months after the end of your fiscal year to claim the work for that fiscal year.

Click here to learn more about the SR&ED Program

HOW IT WORKS

1 Introduction and Education

  • Getting acquainted with the company, projects and team

  • Holding L&L sessions to introduce available incentives and application requirements

  • Advising on corporate structure to optimize taxes and maximize grants

2 Planning and Setup

  • Developing a system for project identification 

  • Educating project managers

  • Time tracking and documentation

  • Contract review, eligibility assessment, and claim strategy

3 Execution and Management

  • Conducting regular meetings

  • Gathering supporting information and documentation

  • Costing and providing technical write-ups for the applications

Grant Application Submission

  • Finalizing claim forms and tax schedules

  • Liaising with company accountants

  • Providing claim defence for reviews and audits

 

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Stratesol Consulting Inc.

info@stratesol.com

604 506 6617