SR&ED Tax Credit
The Scientific Research & Experimental Development (SR&ED) program is designed by the CRA to provide refundable tax credits to businesses performing research and development work in Canada.
Businesses in any industry can apply for the SR&ED tax credit if their research and development (R&D) projects have encountered scientific or technological challenges that routine solutions could not solve.
SR&ED Eligibility
It’s important to note that your company doesn’t have to be lab-based or employ scientists in order to qualify for the SR&ED. Eligibility is based on the following criteria:
1. Your business has expenses related to technological advancement or scientific knowledge
2. These expenses are going towards improving existing solutions or creating new solutions because there is not enough knowledge in that field currently
3. Work that directly supports your basic or applied research or experimental development can also be claimed as long as it is one of the following eight categories: engineering, design, operations research, mathematical analysis, computer programming, data collection, testing, or psychological research.
Benefits For Your Business
If you're eligible for SR&ED, your business will receive a cash refund that allows up to 64% of eligible R&D expenses, which includes employee salaries.
For example, if your business conducted an R&D project with three employees with a combined $150,000 in salary, an approved SR&ED claim at 64% of their salaries would entitle you to a $96,000 cash refund.
Under the SR&ED program, companies can also claim for sub-contractors and materials.
Why Banhall For SR&ED
Banhall Consulting was founded on one mission: to help Canadian companies get the funding they need to grow and thrive. Our passion and knowledge are reflected in our 96% success rate with SR&ED claims.
Minimize Your Risks
We understand how to properly prepare an SR&ED claim to minimize the risk of being selected for audit by the CRA.
We know how to make sure your SR&ED claim doesn’t trigger an audit by the CRA.
Our SR&ED consultants know what information your CRA auditor will be looking for, and we'll help you avoid any red flags that could lead to scrutiny of your claim.
We'll also work with you to ensure that all the information on your SR&ED claim is clear, concise, and accurate.
Maximize Your Returns
Many businesses miss out on claim opportunities that an experienced SR&ED tax consultant would have brought to their attention.
Our consultants have been working with the SR&ED program for years and know how to ensure you get the most out of this tax benefit.
We’ll present your case in the correct format and with the appropriate language to maximize your chances for a successful claim.
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