The Scientific Research and Experimental Development (SR&ED) program is a Canadian Government initiative meant for businesses conducting research and development in Canada. Successful applicants receive tax credits for eligible expenses to advance scientific and technological knowledge. Expert SR&ED consultants in Alberta can help you to navigate the eligibility criteria and the program policies, prepare all relevant documents for the application and guide your accountant and team to make sure you maximize your SR&ED tax credits while minimizing your risk of a CRA audit. They help you to file and claim tax credits, and also provide audit defense services if your claim is being reviewed.
Who Can Qualify For SR&ED?
Not every Canadian business can qualify for the SR&ED program. The following are the main categories of Canadian businesses that can qualify for the SR&ED program. Let’s discuss further.
- Basic research – Businesses that perform basic research work to advance scientific knowledge.
- Applied research – Businesses that perform research and development work to increase industry knowledge, keeping in mind a particular application.
- Experimental development – Businesses that perform R&D work to create new or improve existing devices, processes, or products.
4 Benefits of Hiring SR&ED Consultants
Filing and claiming SR&ED can be a lengthy and complicated process. Further, your claim might be reviewed. In both instances, SR&ED advisors in Alberta can help. SR&ED consultants also help provide strategic guidance to maximize SR&ED returns. Let’s discuss the benefits business can enjoy by hiring SR&ED consultants.
- Updated with changing requirements
Similar to other government policies, the SR&ED program may involve routine changes related to various aspects. In this situation, businesses may find it challenging to keep up with these changes. SR&ED consultants stay updated with these changing requirements. It allows them to provide proper consultation to businesses to help them maximize their financial gains.
- Expertise
SR&ED consultants have years of experience in dealing with various SR&ED aspects. As mentioned earlier, the process of claiming tax incentives can be quite complex. However, SR&ED consultants’ knowledge and expertise in the field can guide businesses in achieving the best results.
- Effective documentation
SR&ED consultants ensure your claim is accurate, complete and submitted within the deadline. In this regard, they help you fill out the required form and ensure that you submit the proper documents to support your SR&ED claim. If your claim is reviewed, it can be a time-consuming process and cause a setback in your progress and delay much needed refunds. An experienced SR&ED consultant can guide you regarding the forms you need to fill out and the documents you need to provide to support your SR&ED claim. They will also work with the CRA and provincial tax authorities to make sure you receive your tax credits and refund in a timely manner.
- Maximise returns
As a business involved in R&D work, you may choose to file your own SR&ED claim. But while trying to do it on your own, you may miss out on certain details that otherwise would have helped you gain additional tax credits and refunds while maintaining a good standing with the CRA.
Why should businesses hire SR&ED Hub Advisors?
SR&ED Hub Advisors helps businesses gain funding for scientific and technological advances. We also help businesses plan strategies to maximize their SR&ED returns. Besides, hiring our SR&ED advisors can help you experience the following benefits:
- Efficiently navigate the complex claim process
As mentioned earlier, filing SR&ED claims can be a lengthy and complex process. Our advisors help to prepare your technical project description in a specific format that will ensure acceptance by the CRA. Further, following Canada Revenue Agency (CRA) guidelines, we ensure all project expenses are thoroughly reviewed and submitted. We collect every detail concerning your project’s scope and ensure your claim is organized and documented.
- Identify other tax credit opportunities
As your SR&ED consultant, not only do we help you identify qualifying projects to maximize your SR&ED returns, but we can also recommend other grants and programs and connect you with our large network of experts that can help you secure additional non-dilutive funding.
- Prepare for CRA audits
There is a possibility that CRA might review your SR&ED claims. In such instances, we will assist in the audit defense process by organizing and compiling necessary documents and carefully managing the communication with CRA to make sure we recover as much of the original claim amount as possible. Our expert guidance will help strengthen your audit defense position.
SR&ED Hub Advisors offers a wide range of SR&ED services across Canada. From arranging funds for strategic planning, to maximizing your tax credits returns, to filing and claiming SR&ED credits and audit defense services, we offer our expert guidance to small businesses and start-ups. As tech-based start up founders ourselves we aim to encourage businesses to make innovations and gain an edge in their respective fields. For all your SR&ED-related needs, SR&ED Hub Advisors is here for you!
