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?
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
The objective of SR&ED Tax Credits (Scientific Research and Experimental Development) program aims at encouraging research and development in Canada. The initiative of SRED is further motivated by the provision to make claims for expenses on eligible research and development work or project done in Canada. The submission of the claims is done using the T661 form. Canada Revenue Agency (CRA), … [Read more...] about SR&ED Tax Credits and Importance of Supporting Evidences
The SR&ED Tax Rebate (Scientific Research and Experimental Development) for oil and gas sectors in Canada is evident of the importance of this huge industry to the nation. The Canadian Federal Government wants producers and service providers to benefit from the SR&ED Tax Rebate. Unfortunately, many manufacturers and service providers in the oil and gas industry have been slow and reluctant … [Read more...] about SR&ED Tax Rebate for Oil and Gas Industries
Hiring a SR&ED consultant is a serious matter because it concerns your SR&ED claim submission and tax refund. The consultant plays a critical role in making sure the SR&ED claim submission process is handled and managed properly without any undesirable consequences. Do not make the mistakes of finding out an unqualified and inexperienced consultant only after you have contracted the … [Read more...] about Facts When Hiring a SR&ED Consultant
In order to make sure that you claim all related expenses and maximize your SR&ED tax credit, you will need to possess some specialized knowledge in accounting and a team of technical experts in the field. More specifically, you have to have some specialized knowledge such as: -Legal knowledge such as Income Tax Act and Tax Court of Canada rulings -Updated knowledge of CRA guidelines and their … [Read more...] about The Truth Behind DIY SR&ED Tax Credit