Home to thousands of large tech companies nestling in the city’s core, Ottawa is not only the nation’s capital, but also a notable technology center in Canada. With the tech industry representing a sizeable amount of economic activity in the city, Ottawa has become one of the most desirable locations for up-and-coming businesses looking to
For many small to medium sized business owners, Spring is a crucial time as it marks the start of tax season. Between filing your business’ corporate taxes to preparing your SR&ED claim, tax season can quickly become an overwhelming and stressful time for first-time or less experienced claimants. In fact, many business owners who attempt
With tax season upon us, small business owners are likely working hard to prepare their corporate taxes and SR&ED claims. Designed to support and encourage businesses that are working to advance and innovate their respective industries through research and development efforts, the SR&ED program is one of the largest government funded tax incentive programs in
As one of the largest government funded tax incentive programs, the SR&ED program is designed to encourage Canadian businesses of all sizes and sectors to conduct more research and development within their fields, while also creating new jobs for Canadians. Providing over $4 million to about 18,000 claimants each year, the SR&ED program offers financial
Does your business need help offsetting its costs for research and development efforts? If your company focuses on progressing and innovating your industry’s work and technology, then it could be eligible for SR&ED tax credits. The SR&ED Program is the largest source of federal government support for research and development in Canada, providing over $4
Over the years, there have been a number of myths and misconceptions regarding the basics of SR&ED claims. Although the process does require specific proof of industry improvement, there are still some false statements that circulate, deterring potential eligible innovators from filing a claim. Preparing a SR&ED claim doesn’t have to be confusing, and with
As 2017 comes to a close, you want to make sure your taxed income includes the proper SR&ED deductions you may be eligible for. Your business’s contributions to Toronto’s top innovative industries makes you a valuable asset to Canada’s economy. So, if your research has created a new program, built on an existing product, or
Even being just a user of the latest gadgets – from staples like smartphones, to game consoles, and new lifestyle essentials like voice-enabled home assistants – you know important the technology has become. So when you work in the field, you’re likely to be fueled by burning passion not just to build on existing innovations,
You’ve finally decided to process a SR&ED claim, but when you turn to the CRA website, it’s nowhere to be found. That’s because the CRA website has been modified and integrated into Canada’s government website, Canada.ca. Unfortunately, this makes finding guidelines and direct SR&ED pointers a little more difficult. As a first time claimant just
Lab research is not the end all be all of SR&ED qualification. Often, when thinking of what types of work and innovations qualify for SR&ED incentives, it’s easier to connect qualifying for these R&D tax credits with lab experiments and tech-related innovations. But as SR&ED is meant to empower all industries working towards advancing all
If you’re part of Canada’s research and development industry, you know the deadlines for filing SR&ED claims are fast approaching. If you haven’t fully benefited from the government tax credits, it’s time to start seeing the value in these sometimes small but valuable sums of revenue. Don’t be intimidated if you’re unsure of your eligibility
For the research and development industry in Canada, claiming SR&ED is an essential part of operations; the tax refunds and credits you earn are key savings that may be small, but largely useful in funding the next phase of your research. In reality, though, claiming SR&ED for the first time, or on your own can
A turning point in every SR&ED claim is the site visit conducted by the CRA. How the visit goes and the CRA’s findings through the Research Technological Adviser assigned to review your claim can arguably make or break the results. During the site visit, you may have been asked to provide additional information, and first
Performing Scientific Research & Experimental Development (SR&ED) work can be a lengthy process that requires a number of resources, including stable funding to continue performing experiments and devising products and processes that will not only advance science, but also improve the lives of many Canadians who will benefit from your research. As such, by claiming
No matter how big or small, every step you take towards advancing science, whether through new and innovative products, or even small improvements to processes can qualify you for Scientific Research and Experimental Development (SR&ED) tax incentives from the Federal Government. To facilitate a smooth SR&ED claim, the Canada Revenue Agency (CRA) hosts pre-claim consultations.
