Is your business engaged in R&ED projects in Vancouver? If so, don’t go unfunded. The CRA has introduced a generous incentive program to take care of all project-related expenses, that is if your project qualifies!
Overview of the SR&ED program
SR&ED stands for Scientific Research and Experimental Development, it is a tax incentive program with the initiative to fund scientific and technological advances in Canada. Using the incentive to promote businesses of all sizes and all different sectors to conduct research and development.
SR&ED is very generous, recovering up to 70% of qualifying expenditures depending on the province. Eligible expenses include salaries, contractor fees, materials, leases and more. At Innotek, our SR&ED consultants in Vancouver will help you through all the steps of the process from determining your eligibility to helping get your claim in the best shape!
How do I know if I qualify?
Qualifying businesses must operate within Canada and carry out R&D in Canada as well. There is no limit to the size of businesses funded, in fact almost 75% of claimants for this tax incentive are actually small businesses. The biggest factor in qualification for SR&ED is that your business is involved with basic or applied research, or makes progress towards advancing technology for development of new materials, devices, products, or processes. Even being a supporting factor to such work can qualify you, work such as; engineering, programming, psychology research, and data collection.
Many businesses assume their work is too routine to qualify or they won’t qualify because the research or work was not successful but that isn’t true; the outcomes of your work doesn’t have to be successful, just having enough evidence that you are working towards scientific progress is enough to qualify you. SR&ED is also open to Canadian-controlled private corporations, partnerships, trusts, proprietorships.
What would an SR&ED consultant do for me?
As specialized SR&ED consultants, we can help put your claims on par with the rest of your competitors, making sure to use the right language and techniques to uncover procedures others might miss so as to maximize your claim.
Our team is made up of engineers and technology experts from various backgrounds including information technology, mechanical engineering, electronics, and chemical research with years of experience with SR&ED coming together to help Canadian companies and get the return of investment that you deserve.
But why not just use an accountant?
There can be up to a 200% difference between an accountants claim and an SR&ED engineers claim, that’s because filing a claim is much more about the technical aspect than the accounting aspect! One of the hardest parts of filing an SR&ED claim is narrowing down all the research and work you have done without undermining the work or process.
SR&ED has a limit of just 1400 words and compressing a whole years worth of work into that can seem impossible but working with our professionals who have mastered the right descriptions and approaches that won’t be any worry, avoiding unnecessary challenges to your claim. Our years of experience will help give you the edge you need to get the most out of your claim.
Still unsure if you qualify? You don’t have to wonder anymore, with our free consultations so there is no risk. Take advantage of the billions of dollars the government provides for SR&ED claims to businesses just like yours!