What do I need to qualify?
Any Canadian Company in any sector is eligible to apply. However, there are two main criteria to identify SR&ED eligibility:
- Technological Uncertainty – Did a qualified person work to overcome a technical challenge, whose outcome could not be determined using their existing knowledge. Simply put, did you encounter any technical issues you could not “Google” your way out of?
- Technological Advancement – The work you did advanced your company’s current understanding of underlying technologies or increased your technical knowledge. I.E. did you learn something new while tackling the issue you faced?
I have investigated SR&ED before, but I do not think I qualify.
Many claimants are under the impression that a SR&ED program is a purely research-driven within laboratory settings. The truth is, 95% of SR&ED claims fall under “Experimental Development”. Meaning, if your company has adopted a methodical approach to its development of a product/process or required experimentation to solve a technical uncertainly that arose during your day-to-day activities, you are eligible to apply for SR&ED benefits.
How long do I have to apply?
The CRA allows you as a company to apply for SR&ED up to 18 months from the date of your company’s Fiscal Year. You are also able to submit an application for SR&ED funding each year.
How much funding can I receive?
The amount you can receive varies greatly on your industry, your projects, and the size of your technical expenditures. However, the average claim size for our clients is around $80k
What are the qualified expenses to claim for SR&ED?
The Company’s salaries, sub-contractors and materials represent the most of overall claim expenditures.
Does the size of my company affect my eligibility for SR&ED?
No, this program was created to promote technical activities in Canada. Any expenditures arising from work to help overcome technical uncertainties can be claimed for the SR&ED program.
Why use a SR&ED consultant?
Other than our ability to maximize your claim, we will prepare all the necessary paperwork with no disruption to the day-to-day running of the business.
What does the claim process entail?
Our consultants will meet with you to establish which technical projects qualify for CRA’s SR&ED credits/refunds and will prepare all the necessary documentation for filing. This includes detailed technical report and the preparation of all tax schedules and accounting reports detailing the costs associated with the project, whether ongoing or completed.
What will this cost me?
We base our fees solely on you receiving a refund, so all preparation work is free. There are no upfront costs and minimal time commitment is required from clients. We work to ensure that the submission preparation is completed by experts with minimal intrusion to the client.
