Guaranteed SR&ED Details

The Bloom SR&ED Guarantee

1. We guarantee that any claim we prepare from start to finish will be approved for 75% of its filed value.
2. If we fail to meet our claim guarantee, we will not charge any fees for that claim year.

Terms and Conditions of the SR&ED Guarantee

1. Any part of the claim submitted to the CRA that was not created by us, is not included in the SR&ED guarantee.
2. Unless specifically stated otherwise, any claim started less than 6 months prior to your year-end, is not eligible for the SR&ED guarantee.
3. Clients must be equal partners throughout the process and follow the guidelines set forth in the engagement letter.
4. Items out of our control, such as if the CRA decides you are not a CCPC (and other similar circumstances that could reduce your claim), are not recognized as reductions to your claim.
5. When calculating the SR&ED guarantee, only the SR&ED return is used in making a determination on whether or not we have met our 75% minimum standard. Prior amounts owed, or owing and affecting the net return for any given tax year, are not eligible when determining whether or not a SR&ED claim meets our minimum standard.

Example: We prepare a claim on your behalf and file for a tax credit valued at $100K. Our fee on that claim would be $15K. A successful claim without any CRA intervention would mean you would net $85K after our fees (for simplicity we have omitted GST in this example). Should the CRA decide to audit the following scenarios are possible:

1. The CRA reviews your claim and makes a determination that the claim is worth $82K. We challenge that determination and the CRA changes their determination to $86K. Our 15% fee equates to $12,900 which means you net (before GST) $73,100. We are charging you are full fee because the claim we filed realized more than 75% of its filed value.
2. The CRA reviews your claim and makes a determination that the claim is worth $68K. We challenge that determination and the CRA changes their determination to $72K. Our 15% fee would equate to $10,800, but as we did not realize 75% of the filed value of the claim, there are no fees charged to you. You net $72,000.