All we do, is SR&ED. We’ve seen it all: the good, the bad, and the ugly.
The SR&ED Program is the largest and most important corporate tax incentive program in Canada. It’s also really complicated.
The SR&ED Program is largely misunderstood. Business owners naturally think that the program sponsors innovation, but it doesn’t. There are other programs for that.
SR&ED rewards businesses that do the following:
For advancements in knowledge within a corporation in a field of science, technology or medicine.
From there, the program becomes more complex, with policy surrounding eligibility concepts, such as eligible time, materials, subcontractors, overhead, and many other factors.
Unfortunately, for many business owners, SR&ED is easy to get wrong. Many of those business owners get discouraged and give up.
But what if there’s a better way?
First, find out if you’re actually eligible in the first place. You can’t rely on the notion of “innovation” alone in order to get approved.
Second, prepare your case properly. Don’t just tell CRA what you think is important. By understanding eligibility better, you can focus on the factors that CRA thinks are important.
Third, prepare your evidence properly. Like anything, organization requires some focus and maintenance, but once you’ve got a system, it gets a lot easier.
At Bond Consulting Group, we work with many SR&ED Rescue cases. If you know of any poor disgruntled SR&ED claimants, give them our name. We have the most testimonials in the industry.