The SR&ED tax credit program requires that you are improving existing materials, devices, products or processes? We should talk. While there are certain criteria that need to be met, the program is open to any Canadian corporation in any industry. We have seen everything from freezing berries to burning tires so there are many ways that your company might qualify for SRED and we are happy to discuss your eligibility with you at your convenience.
Assuming your company meets the SR&ED tax credit program eligibility criteria, you can look forward to a refundable tax credit that amounts up to 64% of qualifying expenditures. Although the percentage can be reduced or non-refundable if your corporation is too big or successful. Expenditures that are eligible for SRED include salaries, sub-contractor fees and materials that are consumed or transformed. Please note there are non-extendable deadlines, so we should discuss your situation to ensure that money isn’t left on the table. Want to dig into the details?
Cash back for clients
Hours spent defending audits
At Bloom, we love the SR&ED tax credit program. We get excited to be a part of our clients ongoing success. It starts with our CPA designed process. Everything we do can be traced back to the CRA’s eligibility requirements. We start with a kickoff meeting where all SRED projects are identified. Then we integrate where possible with your systems and create SRED birth certificates that detail all of the technical barriers to those projects. Throughout the year we create custom technical diaries that consist of things like periodic interviews, reports and meeting minutes to illustrate your systematic investigation. Finally, we finish off each SRED project with a year-end report detailing any technological advancements.
As we progress through the end of the fiscal year and out of the project period, it is time to write the technical report. The technical report itself is a summary of the eligibility criteria, and with our process, you will have very strong documentation for that report. We will present an accurate picture of your innovation to the CRA while ensuring your claim is maximized, and we are ready for any future SRED audit or review. Check our the video below for a more in depth review of our recommendations for SRED best practices.