The three critical questions regarding SR&ED eligibility:
1. What technological advancements were you trying to achieve?
2. What technological obstacles/uncertainties did you have to overcome to achieve the
technological advancements?
3. What work did you perform in the tax year to overcome the technological
obstacles/uncertainties (systematic investigation)
What facts should you include in your claim, and how should you present them? What documentation is required to support your claim?
Changing consumer needs and expectations, new domestic and international trade entrants into your market, increasingly demanding industry standards, continuous price point pressures and numerous other factors contribute to an ongoing requirement for invention, innovation and technological advancement to keep pace in this dynamic, demanding and ever changing marketplace.
A Moving Target That Can Be Hard to Hit!
We see it in the conduct of our day-to-day business, helping our clients to identify projects that qualify, in preparing and filing the technical and financial submissions on their behalf, and assisting them to plan their next years' claim.
What we see is an increasingly complex and somewhat variable approach applied towards assessing and granting SR&ED tax refunds
The SR&ED program is the single largest source of government funding to small and medium sized businesses in Canada. The government refunds approximately $4 billion in rebates and/or tax credits annually. There are approximately 18,000 claims annually
The BCIT Commercialization Boot Camp is designed to assist early and later stage BC businesses through the processes and pitfalls of commercialization.
If you are in the process of commercializing an innovative product or service, you may be eligible to participate in the Canadian Innovation Commercialization Program.
The program connects businesses with one of the largest buyers of goods and services in Canada: the federal government.
The BIG Picture
• CRA Checks your claim for completeness
• Assesses technical eligibility
• Assesses financial eligibility
Two Paths Through The Process:
1. Process as Filed
Are SR&ED related "patent" opportunities available? The answer is absolutely YES! And it can be critical to your business success!
It is well known that a SR&ED tax refund can provide a competitive advantage
to your business by:
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