Scientific Research and Experimental Development Tax Credits
One of the more generous tax incentives offered to Canadian businesses is the Scientific Research and Experimental Development tax credit program. Under this program, companies can receive a refund up to 60% of the amount spent on research in refundable tax credits. These credits can be claimed on expenditures incurred for a wide range of projects and disciplines.
Due to the large sums involved, the programs can be complicated to apply for. This is where we come in. Over the past five years, we have successfully submitted claims for these credits in excess of $2.4 million. Our team has been processing claims since 1988 and has seen a lot of changes and had the time to develop working relationships with CRA.
There is a word limit for a claim; it is generally 1400 words per project. What this means is that you have 1400 words to sell your project’s eligibility. We believe that being a good technical writer is critical to the success of the claims.
We have both the technical and accounting skills to competently write your claim and ensure it has the necessary financial support. We are unique in accounting firms that offer this service in that we have the write ups and the tax refunds prepared by the same team and that team has advanced training in science. Specifically Grant Gilmour was a molecular geneticist before he was an accountant. We have other scientists on the team who changed professions and became accountants.
Important: the application process is changing January 1, 2014 and will be significantly different in it evaluation of the science write ups submitted.
For more information on Scientific Research and Experimental Development Tax Credits, please view the CRA’s tax bulletin.View the SRED tax bulletin