One of the more generous tax incentives offered to Canadian businesses is the Scientific Research and Experimental Development Tax Incentive Program. Under this program, companies can receive a refund of up to 60% of the amount spent on research in refundable tax credits. These credits can be claimed on expenditures incurred for a wide range of projects and disciplines.
Due to the large sums involved, the programs can be complicated to apply for. This is where we come in. We have successfully submitted claims for these credits in excess of $2.4 million. Our team has seen a lot of changes and had the time to develop working relationships with CRA.
There is a word limit for a claim; it is generally 1400 words per project. What this means is that you have 1400 words to sell your project’s eligibility. We believe that being a good technical writer is critical to the success of the claims.
We have both the technical and accounting skills to competently write your claim and ensure it has the necessary financial support. We are unique in accounting firms that offer this service in that we have the write-ups and the tax refunds prepared by the same team and that team has advanced training.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
Scientific Research and Experimental Development Tax Credits September 10, 2013 One of the more generous tax incentives offered to Canadian businesses is the Scientific Research