Friday, September 25, 2015

How To: Prepare A Successful SR&ED Claim In Vancouver

When attempting to prepare a useful SR&ED claim in Canada, there are a variety of steps to follow. Innotek consultants LTD in Vancouver can assist in ensuring you get the most for your time and money spent each and every year!

In order to prepare a successful SR&ED ITC claim Innotek consultants will:
  • Meet with you in person to screen your business activities and determine their SR&ED eligibility
  • Prepare a comprehensive technical report detailing your Scientific Research or Experimental development activity
  • We will prepare all of your tax schedules and accounting reports pertaining to your project’s cost
  • Submit the completed claim for your approval
  • Submit your SR&ED claim to the Canadian Revenue Agency (CRA)
  • Provide support for all SR&ED technical and financial reviews
Who can claim the incentives?
1. Canadian-controlled private corporations
2. Other corporations
3. Individuals and trusts
4. Members of a partnership
If you are looking for an alternative way to file for claims you can contact Innotek Consulting LTD. Our consultants will work with you from start to finish and complete every step of the claims process to your satisfaction.
 
At Innotek we know filing for claims can be such a hassle but our professionals work on efficiency and we truly believe that your success is our success! Call today at 604 259 9937 or visit us online for a free consultation today!

SR&ED Consulting for Businesses In Vancouver

To qualify for the SR&ED program in Canada, you must advance the understanding of scientific relations or technologies, address scientific or technological uncertainty, and incorporate a systematic investigation by qualified personnel.
 
Innotek is a consulting firm located in Vancouver, B.C that provides advances SR&ED consulting services for Canadian businesses ensuring the best returns and outcomes possible!
 
So you may be wondering, how can a consultant help my business reach it’s full potential?
 
It is a continuous battle for businesses in today’s economy to stay competitive by minimizing costs without sacrificing investments to expand their business activities. Many companies are unaware that they are eligible for refunded expenses every year but this is a great outlet for expansion and improvement to your business.
 
Here is how the process works:
  • We will meet with you to identify your claimable projects and determine SR&ED eligibility.
  • Prepare a comprehensive technical report detailing experimental activity
  • Prepare all financial documentation such as; tax schedules and accounting reports
  • Submit documentation for your review prior to sending it to the Canadian Revenue Agency
The SR&ED program has certain standards for processing SR&ED claims in Canada, these are:
  • Refundable claims- 120 calendar days from receipt of a complete claim
  •  Non-refundable claims- 365 calendar days from receipt of a complete claim
  • Claimant- requested adjustments to refundable claims- 240 calendar days from receipt of a complete claim
  • Claimant- requested adjustments to non-refundable claims- 365 calendar days from receipt of a complete claim  
The objective of a SR&ED program is to deliver the SR&ED tax credit in a timely manner, while utilizing research and development performers to prepare claims that comply with tax laws, policies, and procedures.
 
If you are interested in finding a consulting firm that can help you contact Innotek Consulting LTD at 604 259 9937 or visit us online to book a consultation appointment today!