Thursday, October 22, 2015

How To: Obtain SR&ED Refunds in Vancouver

SR&ED refunds come from the Canadian Government’s Scientific Research and Experimental Development program. This program rewards companies for conducting research and development activities throughout Canada.
When trying to make a SR&ED claim there is some criteria that must be followed:
  1. R&D being claimed must have taken place in Canada
  2. Proof that the money was used toward the claimed project (T4’s, cheques, invoices etc…)
  3. The company claiming must have ownership of the Intellectual Property resulting from the project
  4. The company must be up-to-date with respect to their government financial reporting
  5. The particular project expenses being claimed must have been received within the 12 months from the year-end being filed.
What determines a Eligible SR&ED project?
  • Technological Uncertainty (no obvious solution to your problem)
  • Systematic Investigation (removes technological uncertainties)
  • Achieve Technological Advancement
The steps listed above may seem confusing to you, if so, it is recommended that you reach out to an SR&ED consultant in order to receive the particular refunds you deserve for your business.
At Innotek Consulting LTD we have a very diverse group of professional individuals that work with the Canadian Revenue Agency to ensure that your business is eligible for big refunds based on the work you perform.
Innotek Consultants want you to have the most hassle-free process while being successful in your tax claims, and government refunds. If you are a canadian resident looking for assistance with your SR&ED refunds call us today at 604 259 9937 or visit us online to learn more!

How To: Find the Right SR&ED Consultant in Vancouver!

SR&ED consultants in Canada work in a highly challenging market. Consultants assist Canadian companies that are looking to maximize their resources. This is done by assessing the development tax credit available from federal (SR&ED CRA) and Provincial Governments.
If you choose a consultant at Innotek Consulting LTD they will:
  • Meet with you to identify what projects are claimable
  • Determine whether you are SR&ED eligible or not
  • Prepare a technical report detailing experimental activity
  • Prepare all financial documents necessary (tax schedules, accounting reports etc)
  • Submit documentation for your review (before sending to the CRA)
The best thing about choosing a consulting company such as Innotek is that having the help of professionals ensures that the claims process will be risk free. Innotek has consultants who share very diverse professional backgrounds such as;
  • Engineering
  • Technology
  • Electronics
  • Finance
  • Information Technology and more!

Find out by working closely with a good consultant if you qualify for SR&ED tax credits. The Canadian Revenue Agency defines work that qualifies as:
“Work that advances the understanding of scientific relations or technologies, address scientific or technician uncertainty, and incorporates a systematic investigation by the qualified personnel.”
With more people becoming interested and knowledgeable about the SR&ED program, more Canadian SR&ED consulting firms are forming. Interestingly enough, choosing the right firm has a significant impact on your refund outcome as not all firms are considered equal.
It is extremely important to choose the correct firm for your particular needs, and desires when looking for SR&ED consultant assistance. After all, you are putting your business and livelihood at the forefront and do not want to trust just any fly-by-night consultant.
If you are interested in finding out what Innotek Consultants can do for you, give us a call today at 604 259 9937 or visit us online to see how our professional SR&ED professionals can help you!