As the first quarter of 2009 approaches its end, the economic prospects for Canadian business appear to be gloom.
A massive slow down threatens to take successful and efficient operations out of business. Now, more than ever, it is time to look into and
urgently apply for SR&ED program - the famous Canadian government R&D incentive -
heralded as one of the best programs in the world! It’s
your money - now is the time to collect it!
Does my work qualify as R&D?
“Many clients don’t realize, that what they do, is most definitely qualifying R&D”, says Mark
Sorkin, Director of Business
development at Tax Refunds Canada (powered by Tripol Canada).
Indeed, most of us think of scientists in white coats when we hear R&D. In
reality, 70% of SR&ED claims are submitted for “Shop Floor Experimentation” - the Experimental Development
that takes place on the shop floor. This is the place where new technologies, improved processes, and creative solutions are discovered and implemented
into production right away. These developments often arise from unusual orders, where modification and experimentation must take place to achieve
desired results.
Help small businesses to qualify for SR&ED
Recent changes and new stricter rules have made it unfairly difficult for smaller businesses to apply. “It feels like you need a PhD” is
a frequent comment voiced by business owners who tried to apply by themselves. The need to demonstrate the scientific development in a proper
way does require an engineering background, and an in depth understanding of how the SR&ED tax credits program works. “This is where
our team of engineers comes handy. In fact, this is the one and only reason we exist - to get those businesses on board with the program
and help small businesses get their money back from the government!” says Nik Rostarchook, a senior consultant with Tax Refunds Canada.
Businesses in Canada are much more fortunate than their counterparts in other countries at these difficult economic times. The availability
of the powerful and significant SR&ED refunds program enables businesses to be reimbursed for investing in experimental development in
previous years and empowers them to stay at the edge of technology in their industry, even in times like that!
Find more about SR&ED claims process.
Revised:
November 13, 2009
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