Filing a SR&ED Claim? Learn from the mistakes of those who have gone before
11 Jan 2018
Today's marketplace can be fiercely competitive and if you're not grabbing every advantage of your business, you're leaving yourself at risk of being chewed up and spit out by the competition.
Having an extra windfall of cash to reinvest back in the business may be enough to tip the scales in your favour. But where you might ask, does this elusive 'extra cash' comes from?
One source is the extremely generous Scientific Research & Experimental Development (SR&ED) program offered by the government of Canada. The SR&ED tax credit program is Canada's largest, yet most underutilized tax incentive, designed to encourage businesses in all industries to invest in innovation, experimentation and technological advancement. In fact, many businesses engage in qualifying SR&ED activities without even realizing it - and therein lies the danger.
If your competitors are receiving large cash refunds for SR&ED activities and you aren't, chances are you'll be left behind in their dust. So, it's time to take a hard look at the activities in your business to identify potentially qualifying SR&ED projects, or reinvestigate your existing claim to identify if anything has been left on the table.
Take a moment to consider your own state of affairs. Have you created a new product or improved an existing one? Have you improved or created a new process to reduce costs or improve workflow? Have you designed or developed new software? Have you tried to do any of the above but failed in the attempt?
If you answered 'yes' to any of the above, you may be eligible to receive a hefty cash refund from the government.