The SR&ED program continues
to support Canadian businesses. Are you on the list of recipients?
The The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri-Food) personally delivered
millions of dollars in R&D investment tax credits to many companies in recent months. According to CRA website among the recipients were:
- Tekna Plasma Systems Inc ($1,205,000)
- Les Enductions Repulpables RETEC Inc. ($100,000)
- Tecnar Automation Ltd ($951,000)
- Imprimerie Lebonfon Inc ($199,000)
- Novartis Animal Health Canada ($928,000)
And the list goes on and on.
So what about you?
Accessing the funding is a complex process, and requires technical as well as financial expertise to make sure that you get the maximum benefit
from this program. It is possible to complete the application by yourself, or outsource
the hard work the a professional consultancy – these
normally work for a percentage of the funding you actually get.
Step #1: Use the SR&ED self assessment tool
The SR&ED agency has a great and easy to use
SR&ED Eligibility Self-Assessment Tool, which may give you an indication on whether your business qualifies
or not. Many business owners don’t realize that they qualify for SR&ED,
and that’s too bad!
Step #2: Discuss your options with a professional SR&ED consultant.
Since most consultancies charge performance based fees (a cut from what you actually receive), a preliminary consultation is free, and could
be extremely valuable in helping you to make a decision on whether to do it alone or with professional
support. The decision comes down to how much time you
have available to spend on this endeavour
Step#3: Complete the SR&ED paperwork
All forms, and information on how to complete them is available on the CRA
SR&ED
website.
Step #4: Enjoy the funding!
Once the money is in your bank account, there are no strings attached – you are free to spend the money anyway you like:
- Cover payroll costs
- Invest in equipment
- And more!
The government of Canada has many valuable funding programs. It is very important to take the time to explore them, and identify those programs
that are relevant for your business. The SR&ED program is one of the biggest and most valuable, to which a wide range of industries can
qualify.
Call (416) 548-8626 for an instant consultation or email us at info@taxrefundscanada.
About the author:
Nik Rostarchook is a business development associate with TaxRefundsCanada.ca (powered by TRIPOL Canada Inc)
Return to: SR&ED claims related articles
Revised:
October 2, 2009
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