The Scientific Research and Development (SR&ED) program, devised by the Canada Revenue Agency (CRA), is the largest and most generous scientific- and technology-oriented fiscal initiative in the country. Its goal is to financially support the efforts of those companies that are eager to bring about a scientific or technological advancement in their respective fields.
CI Solutions is an SR&ED firm that screens your project, prepares the paperwork and makes sure you’re compliant with federal tax norms so as to elevate your chances of getting an approval. A quick CRA approval for your project means that you can access amazing tax credits that much sooner!
This federal tax incentive aids business of all sizes and in all sectors. On an annual basis, the SR&ED program has disbursed well over $3 billion dollars to over 20,000 claimants!
Once you put in your application, you will then be subjected to a thorough review by the CRA. The CRA checks to see whether you have filed all the paperwork in accordance with their established policies as well as with Canada’s general tax laws. If deemed eligible, you will be allowed to deduct SR&ED expenses from your business income.
If you’re interested in being a part of this opportunity, there are certain procedures and guidelines to be followed so as to ensure that your SR&ED application is airtight – guaranteeing you an approval!
However, without a credentialed and reliable SR&ED consultant guiding your through the potential setbacks in your path, you could end up with a denied or reduced claim. After months of tedious work and the numerous resources you’ve invested into this cause, this is an outcome you definitely don’t want to deal with!
Here’s how CI Solutions greatly improves your chances of accessing the SR&ED refund so that you can conduct your activities with the adequate funding!
CI Solutions aims at assisting your Canadian owned company in attaining SR&ED tax credits. Our team comprises of highly knowledgeable engineers with technical and business acumen in chemistry, IT, electronics and mechanical engineering. Because of their divergent knowledge, they are able to help prepare your application in a definitive, well-rounded and error-free manner.
Being a Canadian company ourselves, we are well aware of the hassles associated with running a business in today’s cutthroat economy. Receiving adequate financing to propel your projects is of the utmost importance. In fact, often times it is the very difference between growing your business or going bankrupt. You have a lot riding on your application – we fully understand this.
We offer end-to-end services, meaning that we begin right from helping you identify projects that have a strong potential to usher in these provincial and federal tax credits. Once identified, we then take the appropriate steps to have your claim processed!
Filing the right documentation for the SR&ED tax credits and ensuring everything is in tip-top shape for the CRA’s review is no small feat. Why not turn to professionals who know the process like the back of their hand?
Apart from the regular documentation and costing sheets, you also have to submit reports that prove that your SR&ED project actually commensurates with the experiments conducted. This means that the experiments should have taken place at the same time during which the project (for which you’re claiming tax credits) was undertaken, and should have emerged through such work.
Apart from this, you must be able to sufficiently explain (with proof) how every single one of your primary elements contribute to the project. The most popular documents are books, files, emails, and the likes.
Documenting the lifespan of the project and the time taken to address each of its elements is also something that the CRA is interested in. You will have to show contractor time for those directly engaged in the project. This is because tax incentives will be granted based on such documented time.
Most businesses incorrectly assume that their daily activities are too routine to qualify for the incentive or, that they will require a top-of-the-line research laboratory before the CRA even looks their way. In reality, the most surprising activities turn out to be eligible for SR&ED – especially when these projects are directly connected to innovation in the fields of science and technology.
Often times, it takes a fresh eye – someone on the outside to see the potential in your projects and catch things that may fall through the cracks. At CI Solutions, we’re committed to harnessing our expertise to your benefit. We take care of the process from start to finish by identifying eligible projects, computing costs, documenting the work and provide ongoing support as needed.
Then it’s time to recruit your very own tax consultant at CI Solutions. We will review your business for FREE. We only get paid when you do. Call (416) 477-5569 to get started!