Myth: It is for high tech sector and for lab coat R&D only –so I can’t claim any benefit
Fact: Any industry can get the benefit of the SR & ED program as long as there has been an attempt for a technological improvement/advancement. These benefits include not only the research cost but also wages, capital expenditures and overheads.
Myth: It has benefits for larger corporations and not small businesses.
Fact: It has more incentives for small companies then larger corporation.
Myth: Our R&D work was not successful
Fact: You can get a refund even if the experimentation failed.
Myth: I don’t pay taxes, how can I get a credit?
Fact: You can get a refund even if you have not paid taxes or declared loss.
Myth: We spent a lot of money on experimental projects but didn’t make the sale.
Fact: It is about expenditure…NOT sales.
Myth: I don’t have time for all the paperwork involved in claiming SR&ED benefits. My accountant never mentioned about it to me either.
Fact: The program is more technical than financial. Specialists at EVAMAX can simplify the process by taking the paper chase off your shoulders.
