Do you need new equipment to stay competitive?
In today’s global competitive environment where new technologies (and competitors worldwide) come out every day, new and improved equipment
is essential to maintain your business’s competitive position in the market. New equipment enables operations to provide their clients
with new products, and reduce labor costs. But in today’s economy, where can you get the necessary funding to finance your new equipment without paying an arm and a leg!?
The potential is inside your operation - unlock it!
“Business owners are amazed at how much money there is available to them through SR&ED program”, says
Mark Sorkin, Director of Business Development at Tax Refunds Canada - SR&ED Consultants in Toronto (powered by Tripol).
Indeed, business owners often experiment with and modify their current equipment, before they purchase new machinery. Those “secrets” and “tricks” of
the trade can often translate into tens of thousands of dollars of government funding through the SR&ED program. Money received through the program may be used for new equipment financing or anything else - the spending is discretionary.
The government of Canada encourages businesses to be creative - SR&ED = $$$
The government of Canada, like many other western countries, wants to encourage businesses of any size to experiment, advance, and improve
the technology they use in their facility even the smallest mom-and-pop producers are in. The SR&ED program reimburses companies
for money spent in previous years. All you need to do is to show what exactly you've done. “Business owners are surprised at
how much development they have done without realizing that it qualified
them for SR&ED incentives”, says Nik Rostarchook - a consultant with Tax
Refunds Canada.
How much can you really get through SR&ED?
“Most of our clients enjoy a refund of $20,000 - $500,000”, says Mark Sorkin, “and it is a function of
company’s payroll
size, various material expenses, number of qualified developments, and our expertise in identifying and properly presenting all these”.
Indeed, the SR&ED program is best accessed with
the help of an experienced SR&ED consultant with the appropriate engineering
background and understanding of how the program works.
How can SR&ED help me in my business and equipment financing?
Since the money you receive is a reimbursement for money spent in the past, there are no strings attached - so you are free to spend
it any way you want: retain your employees, purchase new equipment, finance the growth of your business and ultimately - continue to
improve, modify, and experiment with your equipment - you can make SR&ED claims every fiscal year.
Find more about SR&ED tax claims
process.
Revised:
November 13, 2009
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