In Canada, government funds are awarded to small- and medium-sized enterprises (SMEs) to help them enhance their research and development capabilities. Two such programs include IRAP (Industrial Research Assistance Program) and SR&ED (Scientific Research and Experimental Development). Both provide funding to SMEs striving for excellence in business innovation and growth. IRAP -Industrial … [Read more...] about How to Recover 93% of Your R&D Expenses?
Tax Refund
Ontario SR&ED Budget Update
The recently released Ontario 2016 Budget made some modifications to the SR&ED program which could impact CCPC (Canadian Controlled Private Corporation) and non-CCPC significantly. Two Ontario SR&ED tax credits, namely - The Ontario Innovation Tax Credit (OITC) and Ontario Research and Development Tax Credit (ORDTC) have undergone reductions. OITC decreased from 10% to 8% and ORDTC from … [Read more...] about Ontario SR&ED Budget Update
How to Prepare For Your CRA SR&ED Review?
The first step when you find out that your SR&ED tax credit claim has been reviewed by the CRA (Canada Revenue Agency) is to read and understand the CRA concerns pointed out in the SR&ED Review letter. Usually there are three types of documents being requested by the CRA: 1-General information about the business such as organization chart or business registration. 2-Technical documents … [Read more...] about How to Prepare For Your CRA SR&ED Review?
Research and Development Tax Credits for Chemical Industries
On the off chance that you are running an operating business in the field of Chemical industry and are energetically occupied with innovative work of your products and processes you may meet all requirements for R&D Tax credits. This is one of the Federal Government programs and is known as the Scientific Research and Experimental Development(SR&ED). The program is intended to energize all … [Read more...] about Research and Development Tax Credits for Chemical Industries
Questions Asked During SR&ED Claim Review
CRA’s SR&ED claim reviews are really inevitable. Every time you submit an SR&ED claim to the CRA, your claim maybe reviewed in a detailed manner to make sure that it meets the requirements of the program. Statistics show more than 25% of SR&ED claims are being reviewed since the CRA's recent changes have been adopted. CRA has Research and Technology Advisors(RTA) that are trained to … [Read more...] about Questions Asked During SR&ED Claim Review
Eligible Material Expenditures for SR&ED Tax Credit
Materials for SR&ED tax credit are generally composed of substances, raw materials and other components that form the by-product, intermediate product and the final product i. It is very important that you acquire tangible and physical materials for SR&ED. Claiming the cost of materials used in SR&ED work should be carefully taken into consideration in order to maximize calculation of … [Read more...] about Eligible Material Expenditures for SR&ED Tax Credit