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The government encourages businesses to innovate, and offers significant incentives to those that do. However, less than 15% of businesses that qualify for these benefits actually apply. The Scientific Research and Experimental Development (SR&ED) program is the largest form of federal government funding for research and development. Let us determine if your business is missing out on this funding and how you can access it.
Our accountants can assist in preparing and submitting claims for the SR&ED Tax Incentive program. The SR&ED tax credit is available to businesses of all sizes, and if eligible, you can receive cash refunds and/or tax credits for expenditures on eligible R&D work done in Canada.
While many companies can claim to be specialists in SR&ED tax credits, Cross & Company has a proven record of successful SR&ED claims. With over five years of annual claim management across a variety of industries, you can trust Cross & Company to maximize your CRA Scientific Research & Experimental Development credit.
SR&ED Canada CRA Claims FAQ
What is Scientific Research & Development?
The CRA's SR&ED tax credit program is intended to encourage businesses of all sizes, particularly small to medium and start-up firms, to conduct research and development (R&D) that will lead to new, improved, or technologically advanced products, processes, devices, and materials. The Canadian SR&ED tax credit is the government's largest single support program for R&D. "Each year the SR&ED program provides over $4 billion in investment tax credits (ITCs) to over 18,000 claimants. Of these, about 75% are small businesses." source
How Can I Maximize My SR&ED CRA Claim?
Ensure your company technical leadership is consulted to analyze what projects & activities have been undertaken that could be included in your Scientific Research & Experimental Development Claim.
- Frame each project in a way that fully outlines research time & benefits to success.
- Take time to fully develop a technical outline of each project/activity.
- Analyze each year's claim and put in place a plan to maximize the size of your SRED claim in subsequent years.
What Does a SR&ED Consultant Cost?
Most SR&ED consultants in Canada operate on a percentage basis, generally taking 20-30% of your claim as a commission. However, Cross & Company operates on a flat fee basis. Usually this works out to a lesser figure than a 20-30% commission. This also positions us to ensure your SR&ED claim is accurate & fair, reducing the likelihood of audit & questioning after submission.