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?
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
SR&ED Tax Credit and tax refund has been enjoyed by various types of enterprises ranging from Automotive to biotech and agricultural industries. Green Technology companies deserve larger ratio of Tax Credit and Tax Refund as they are working to make environment eco-friendly. When it comes to company eligibility, Green technologies always get priority. But at the same time, Green technologies … [Read more...] about How to Receive Tax Credit and Tax Refund for R&D in Green Technologies?
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
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