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 procedures
-Expertise when it comes to solving financial and technical reviews
Statistics show the number of complaints to MPs and objections to CRA have been increased dramatically in the past 3 years. CRA would not have been forced to educate its personnel so deeply to encourage claimants to DIY SR&ED tax credit mainly because of complexity in application procedure for majority of claimants! Through engagement of SR&ED consultants the news have been spread all across Canada and there are more than 20,000 small to large businesses (CCPC and non-CCPC) who are taking advantage of the Canada tax credits. SRED consulting services have been significantly grown to simplify application process for current and new claimants.
Engaging an experienced and professional SR&ED consultant requires mutual involvement to assure following CRA guidelines through the entire filing process which includes Eligibility of the projects, Technicality of the reports, Documentation and Filing. It will be wrong by saying that either claimants or consultants are unnecessary in preparing SRED claims.Because of the high level of familiarity with the work performed, claimants are as just as important in this process as the consultants. Both claimants and SR&ED consultants can bring valuable knowledge to the table that can help conclude a successful SR & ED submission.
Discussing the necessary steps for the entire process with your consultant is really important when you are trying to DIY SR&ED.
For a 30Mins free no obligation consulting service contact us. Kelid™ has developed a SR&ED Fund Assessment Look Up, SR&ED Claim Calculator and Contingency Fee Estimator to simplify submission of your SR&ED claims. We also invite you to join our monthly news letter or follow us on Twitter, Linked-in, Facebook, or Google+ for latest government funding news and articles.