If you’re engaged in enhancing existing materials, devices, products, or processes, then the SR&ED tax credit program could be of great interest to you. At the very least, it’s worth having a conversation about it. While specific requirements must be met, the scientific research and experimental development program is available to Canadian corporations across all industries. We’ve encountered a wide range of projects, from preserving berries to recycling tires as well as exciting AI initiatives, so there are numerous avenues through which your company may qualify for SR&ED credits. We would be delighted to discuss your SR&ED eligibility whenever it suits you best.
At Bloom, we specialize in maximizing the benefits of the SR&ED tax credit program for eligible corporations. Depending on the province where you operate, you can potentially qualify for a refundable tax credit ranging from 50% to 64% of your qualifying expenditures. Our team of experts can help you navigate the program’s guidelines and rates specific to your province, ensuring you make the most of the available credits.
Qualifying expenditures include salaries, sub-contractor fees, and materials consumed or transformed during your R&D activities. With non-extendable deadlines, it’s essential to take timely action. By discussing your unique situation with Bloom, we can determine your SR&ED eligibility and help you maximize your claims, so you don’t miss out on any potential funds.
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Hours spent defending audits
At Bloom, we’re truly passionate about the SR&ED tax credit program and the positive impact it can have on our clients’ ongoing success. Our dedicated team, backed by our CPA-designed process, ensures that every step we take aligns with the eligibility requirements set by the Canada Revenue Agency (CRA).
It all begins with a kickoff meeting where we identify all your SR&ED projects. We seamlessly integrate with your systems, working closely to gather comprehensive documentation that details the technical barriers encountered during your projects. Throughout the year, we maintain custom technical diaries, capturing vital information such as periodic interviews, reports, and meeting minutes. This meticulous documentation serves as evidence of your systematic investigation.
As we approach the end of the fiscal year and move beyond the project period, it’s time to compile the technical report. This report provides a concise summary of the eligibility criteria. With our meticulous process, you can rest assured that your documentation will be robust and compelling. We present an accurate and compelling picture of your innovation to the CRA, ensuring that your SR&ED claim is maximized while being fully prepared for any future audit or review.
To delve deeper into our recommendations for SR&ED best practices, we invite you to check out our innovation articles. At Bloom, we’re excited to be a part of your SR&ED journey, supporting your ongoing success with our expertise and dedication. Let’s get started!