Scientific Research & Experimental Development (SR&ED) often pronounced as ‘SR&ED’ is a federal tax incentive aid, designed by the Canadian Revenue Agency (CRA) for Canadian businesses to implement new research and business development in Canada.
It is an effective process for individuals and Canadian business firms to earn profitable SR&ED credits. But, navigating this overall process without a hand can be tricky and stressful as well. Until unless you want to wait a lifetime for your CRA approval, it’s always a smart move to seek assistance from a trusted consultant.
So, if you are planning to process your SR&ED application from Vancouver, Canada., then we have your back here!
Innotek is one of the SR&ED firms in the Greater Vancouver area that makes your claim returns simpler than ever. As an SR&ED expert, we completely understand how hectic the claim process can be, but our consultants work round the clock to improvise your eligibility, writing the statement of purpose and filing the claim in a proper way for your business.
First of all, there are certain criteria to qualify for SR&ED credits. If you are not aware of them, let’s dive in-
- You have to make prove to the CRA department that you require a technological or scientific advancement for your organization to expand your business.
- For SR&ED credit approval, you also need to make sure that a hypothesis is delivered to the CRA explaining the discovery.
- Making sure that your experiments resulted in fruitful technological developments.
- Also, you need to keep all your documents during the research to present at the CRA for credit approval.
Now, what’s on your mind? Are you still having a doubt?
Let’s explore the perks of having an SR&ED consultant while filing your SR&ED claim.
Identifying your eligibility:
When it comes to identifying your SR&ED credit eligibility, your consultant will be the most useful resource to discover the ideal options for you. First off, your hired consultant meets you to review your business agendas, research ideas and ongoing activities. This will help in determining your eligibility for federal funds.
Making a detail-oriented report:
Having a detailed report based on your proposed science or technical advancement project is an absolute necessity when applying for your SR&ED Credits. You may not be an expert with making a solid report with proper stats and techniques, but an SR&ED expert can create a well-formatted and all-inclusive document for you that is bound to fetch attention.
Don’t forget, you need to prepare all the tax schedules and project expenses in one document. People tend to lose track of all these crucial numbers and records, that’s when your SR&ED advisor come at your rescue and assist you with a technical report.
Submitting your report for approval:
Completing your application on time and submitting it to CRA is another crucial step. But, having a consultant gives you the liberty to focus on your work and personal life while they accurately prepare all your documents. This way, it is more likely that your file will be approved by CRA.
Well, it is clear to figure out how having an SR&ED Consultant can be advantageous during the SR&ED credit application and also can increase the chance of credit approval up to 70%.
On the other hand, you can submit your claim without and help, but it will be time-consuming, hectic and uncertain.
If your queries are still not resolved, contact us to secure a free consultation with Innotek Consulting LTD today! We help our clients understand the SR&ED process to plan smart.