Fact or Fiction: Nothing Can Be Done for Rejected Claims
There is definitely something that can be done for SR&ED claims that have been rejected by the CRA. While the CRA does endeavour to assign a reviewer to your claim that already has knowledge of your field, this doesn’t always happen. In cases such as these, the CRA reviewer may not always fully understand the […]
Fact or Fiction: We don’t work in a lab so don’t qualify for SR&ED!
The Scientific Research and Experimental Development program was developed to help any companies in Canada that do any kind of research and development. While this does include work that is done in a science lab, it can also include many other areas of work. This program helps reward companies who are developing new products, improving […]
Fact or Fiction: An SR&ED Review Might Trigger A Tax Audit
This is one thing that people ask us about all the time – whether the CRA reviewing your SRED claim will cause the CRA to call a tax audit on their company. I can understand why they would be worried about this. A tax audit can take up a lot of your time, is a […]
Fact or Fiction: We weren’t profitable last year so wouldn’t see a benefit from the SR&ED program!
Whether or not you were profitable, you would still see the SR&ED program as being beneficial for your company. The federal SR&ED program provides cash refunds and/or tax credits for the work that you have done. If you weren’t profitable and you did not pay taxes, you would be receiving a cash refund from the […]
Fact or Fiction: We Already Get Funding from Another Program so Can’t Claim SR&ED!
A lot of times the funding that you get from other programs don’t cover the same areas of business as the SRED program covers. In the instances where you are getting a grant, loan or reimbursement for something R&D related you need to remember one thing: you cannot double dip for funding. Some examples are […]
Fact or Fiction: My trade secrets aren’t safe!
Many people get concerned when looking into the SRED program about how safe their trade secrets are. One of the key components of the SR&ED program is that you are faced with technological obstacles that don’t currently have any known methods to solving these problems – and in claiming for the SR&ED program, you’re going […]