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The SR&ED Program AKA Scientific Research And Experimental Development (R&D Tax Credit) is a government incentive program, administered by the Canada Revenue Agency (CRA), that entices Canadian Corporations of all sizes, and in all industries to perform research and development (R&D) in Canada.
The SR&ED Program AKA Scientific Research And Experimental Development (R&D Tax Credit) is a government incentive program, administered by the Canada Revenue Agency (CRA), that entices Canadian Corporations of all sizes, and in all industries to perform research and development (R&D) in Canada.
It is the largest single source of federal government assistance for industrial R&D.The SR&ED Program provides claimants cash refunds and / or tax credits for their expenses on eligible R&D work conducted in Canada. CTAP’s devoted SR&ED professionals are experts in the SR&ED program, assisting Canadian companies maximize their R&D tax refund and determining their eligibility.
Are you developing innovative products, creating new processes, or experimenting with new materials? If so, your corporation may qualify to claim the SR&ED tax incentive. Actually, many companies conduct eligible work without being aware of it. CTAP can determine if your company is eligible. In fact, even if you know you are eligible, we can help you increase the dollar value of your submission(s) and go through an exercise with you to prove to you how we do it. If your business is a proprietorship, a partnership, or a corporation performing business in Canada, you may be eligible for a cash refund and/or credit against outstanding taxes.
Eligible expenses SR&ED can involve:
In Canada, expenses eligible for Scientific Research and Experimental Development (SR&ED) tax credits typically include:
Wages: Salaries, wages, and other remuneration for employees directly involved in SR&ED activities.
Materials: Consumable items and raw materials used in the SR&ED process.
Contract Expenditures: Payments made to third parties for SR&ED work conducted on behalf of the claiming company.
Overhead: A portion of the overhead costs related to SR&ED activities.
Capital Expenditures: Certain capital expenses directly tied to SR&ED, including depreciation.
the conditions for claiming Scientific Research and Experimental Development (SR&ED) tax incentives in Canada include:
Scientific or Technological Advancement: The project must aim to achieve scientific or technological advancement and involve a level of uncertainty that requires experimentation.
Systematic Investigation: The work must involve systematic investigation, meaning a methodical and organized approach to solving a problem.
Technical Content: The activities must have technical content and involve the application of scientific principles.
Eligible Expenditures: Eligible expenditures include wages, materials, contract payments, and certain overhead and capital expenses directly related to SR&ED activities.
Record Keeping: Proper documentation and record-keeping are essential to support the SR&ED claim.
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“Working with CTAP for the past 5 years has been an incredible experience. They have helped us navigate the intricate rule structure of the SR&ED program and their efforts have resulted in a significant payback to Keyora that would otherwise have been unobtainable. CTAP has taken the time to get to know our business and what it is that makes us unique. Because we work with the same team every year, there is no need to re-educate or duplicate efforts in getting a new team up to speed. Their guidance and initiative keeps us focused throughout the process and has delivered an on-time complete return each year. I would highly recommend them to my colleagues.” |
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