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All  ·  SR&ED

Financial Awareness When Claiming An SR&ED Tax Credit

By admin  Published On March 17, 2021

The SR&ED Tax Credit is a complex program outlined by Canada Revenue Agency (CRA) to encourage growth and prosperity for Canadian trading companies across Canada. There is a strong emphasis on meeting scientific or technological advancements but that is only half of the claim. Having an understanding or awareness of the financial aspect of the SR&ED Tax Credit Claim will help companies maximize their claim each and every year. Below is a breakdown of having financial awareness with your companies SR&ED Tax Credit Claim.

SR&ED Financial Eligibility Examples

  • Salaries & wages
  • Subcontractor invoices
  • Overhead costs
  • Consumed and/or transformed materials
  • Third party payments

Non-SR&ED Financial Eligibility

  • Employee salaries outside of Canada
  • Subcontractor salaries outside of Canada
  • T4 salaries non-SR&ED related
  • Vacation and/or sick leave
  • Government funding (IRAP)

Now that the financial eligibility for an SR&ED Tax Credit Claim has been outlined, how does a company go about filing a successful claim? We take a look at important steps to follow when claiming the SR&ED Tax Credit.

Filing A Successful SR&ED Claim:

  • Making sure all supporting evidence is accounted for
  • Determining proxy method or traditional method
  • Determining what type of qualifying corporation your company is (CCPC or Non-CCPC)
  • Understanding Federal & Provincial SR&ED Tax Credits
  • Being tax compliant to maximize your companies cash return
  • Meeting filing deadlines (original vs. amended filing)
  • Capability to file electronically
  • Having proper CRA authorization for updates

How Can Braithwaite Canada Assist

Braithwaite Canada takes a 7 step approach to maximize every R&D Tax Credit Claim filed to CRA (Detailed description of the 7 step approach).

  1. Initial Exploratory Meeting
  2. Offer of Service & Presentation of Offer
  3. Kickoff Meeting & Preliminary Project Identification Stage
  4. Science Data Compilation Phase
  5. Financial Data Compilation Phase
  6. Project Review & Finalization
  7. SR&ED Claim Submission to CRA

For further information on how Braithwaite Canada can assist your company in successfully preparing an SR&ED Tax Credit claim to CRA, please contact us today.

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