Is SR&ED the right choice for your business?
What you need to know about SR&ED, simplified.
The Scientific Research & Experimental Development (SR&ED) Tax Credit Program offers some of the most lucrative tax credits in the world. This program provides more than $3 billion to over 20,000 claimants annually, making it the single largest federal program to support innovation in Canada. Administered through the Canada Revenue Agency (CRA), this tax incentive provides funding for companies performing Research & Development (R&D) work in Canada. These tax incentives come in three forms: an income tax deduction, an investment tax credit (ITC), and, in many cases, a refund.
A common misconception about the SR&ED program is that you need to be a state-of-the-art laboratory in order to qualify. In reality, almost any company of any size can qualify to receive SR&ED because R&D work can be easily integrated into everyday business activities. If your employees are trying to solve a technological problem with no readily available solution, odds are their work is eligible for SR&ED credits.
Partner with experts.
Navigating the SR&ED program can be overwhelming. By working with a firm who specializes in SR&ED, you can better position your application to ensure no money is left on the table, while submitting strong and defendable claims.
Are you an early-stage or small business? Did you know Ayming is the the first consulting firm in Canada to launch a SR&ED Express Service focused on helping early-stage companies and start-ups fund their innovation and growth through this tax credit program. Our streamlined 3-day claim delivery process guarantees a claim is completed and delivered by the end of the third day.
Keep track of everything.
Ensure you are thoroughly documenting all projects and tracking all costs/ expenses. This is critical to the development and support of your SR&ED claim. A benefit of partnering with a SR&ED firm is having a dedicated and reliable resource assigned to manage the entire documentation and recording process for you.
There’s 3 Criteria to Qualify.
To qualify as SR&ED, your work must demonstrate the following:
- Scientific Content: Systematic investigation by qualified personnel.
- Technological Uncertainty: Resolving or attempting to resolve technological uncertainty.
- Technological Advancement: Increase or attempt to increase the company’s technological knowledge base.
Diversify your Funding Options.
It doesn’t just end with SR&ED! Unlike other firms Ayming also increases R&D funding for its clients through government grants, resulting in much higher government support through a combined SR&ED and R&D grant claim strategy.
Learn more about Ayming’s SR&ED and SR&ED Express services or contact us today for a free analysis of your potential opportunities.
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