Many business owners heard about the wonders of the SR&ED program - the ability to claim a refund for up to 68% of eligible expenses.
- But how difficult is it to qualify for SR&ED?
- How long does it take to get the refund?
- Who do you need to know to make the SR&ED program work for your company?
The SR&ED application process has two parts - technical and financial. Both parts require a fair amount of expertise
and technical knowledge. In fact, the complexity of the process makes it almost impossible and VERY time consuming to apply.
So... Small business need not apply?!
By all means, small and mid-size businesses are PRIME CANDIDATES for the program.
YOU MUST APPLY. In the current economic downturn, the funding available may be the lifeline you need, to keep
that extra job, and finance
your way out from the crisis!
The SR&ED program distributed over $4 Billion to Canadian companies in 2008!
So... What should we do?
Hiring the services of a consulting company may prove quite valuable. “For an average refund of $80,000 the client
spends less than 8 hours on the whole process,” says Mark Sorkin, a business development director at Tax Refunds Canada (powered by Tripol).
Tax Refunds Canada takes a % of what you actually get, which means no up-front payments, and no risk to the business.
7 Steps of Getting Your Canadian R&D Refund:
- A brief meeting with a consultant allows you to get an idea on your qualification, and an estimate - how much you can expect to receive
from SR&ED.
- Two meetings with a technical writer (a PhD level industry expert) allow for gathering of technical information - detailed outline
of shop-floor experimentation done, which qualifies your company for the refund.
- Technical writer prepares the application within a month.
- In-house accountant takes care of all financial details (in coordination with your accountant).
- Application approved and sent to the government.
- Refund arrives within 4 months - deposited in your company’s bank account.
- Consultancy receives
its commission.
Do I HAVE to hire a consultant?
Very much like with your tax return, it is better to delegate the technical writing to an experienced professional - who knows the ins
and outs of the program that is able to get the maximum benefit for your company.
While you focus on what you love and do best - your
company, and your work.
Contact the Tax Refunds Credits company for your FREE consultation.
Return to: SR&ED claims related articles
Revised:
November 13, 2009
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