Chartered Accounting Firm

Ontario's Transitional Tax Credits: A Gold Mine Waiting to be Discovered!

SBLR’s Rosenzweig says companies now receiving up to six figure Ontario tax refunds

March 9, 2011

For Immediate Release

Toronto - Many corporations have benefited from Ontario’s Scientific Research & Experimental Development (SR&ED) program and its unique provincial incentives, but one of the area’s leading SR&ED experts, Shawn Rosenzweig, CA, partner at SBLR LLP Chartered Accountants, has obtained some major additional refunds for clients that are commonly overlooked.

“In 2009, the Ontario government harmonized the Ontario and Federal corporate tax systems, allowing for single administration of both regimes,” Rosenzweig commented. “This harmonization created significant transitional credits for companies that had previously filed SR&ED claims.”

Companies that are eligible for the transitional credit “are able to apply the refund, dollar for dollar, against taxes payable,” explained Rosenzweig. “SBLR has been working actively with the Canada Revenue Agency to ensure that our SR&ED clients obtain the maximum benefit to which they are entitled. We’ve helped our clients receive refunds ranging from $10,000 up to $120,000.” As an added bonus, Ontario allows companies to adjust corporate tax returns up to four years after filing, so it’s “not too late to apply for the transitional tax credit” said Rosenzweig.

Rosenzweig explained that there are four criteria companies must meet, in order to maximize the refund from this one-time transitional credit:

A SR&ED claim filed in 2008
Investment Tax Credits (ITC) earned in 2008 or previous years
Ontario taxes paid in 2009-2010
Expectations of profitability for the next three years

“This is still a relatively unknown opportunity, but we’re trying to change that. It’s a hidden asset that can add significantly to a company’s cash flow,” says Rosenzweig. “Our goal is to help eligible companies recover the money they deserve.”

About SBLR LLP Chartered Accountants (SBLR):
With eight partners and a support team of over forty people, SBLR provides high-impact strategic tax planning, business advisory and assurance accounting services to small- and mid-sized privately owned companies. SBLR's approach to working with clients is based on proactive communications, analysis and no-nonsense strategic advice to assist them in reaching their full potential as entrepreneurs.

For further information:
Aimee Lavallee, Marketing Manager
SBLR LLP Chartered Accountants
Tel: 416-488-2345 ext. 285
Email: alavallee@sblr.ca