WHAT IS R&D REFUNDS (SR & ED) PROGRAM?
When we hear R&D, we think of a science lab or white coat or NASA! Fortunately, SR&ED (SRED) program is applicable far beyond this imagination and in fact is a hidden source of financing for your company.
To encourage businesses to undertake Scientific Research and Experimental Development (SR&ED) activities in Canada, the Federal Government provides one of the most generous R&D cash refund / tax incentive programs in the world.
The program is more technical than financial.
In combination with various provincial programs, companies may recover up to 68% of the qualified cost. And EVAMAX can help you to recover those costs.
This program also goes by various names such as SR&ED or SRED, R&D (Research & Development) Tax Credit, Research Tax Credit, R&D Credit, Research & Experimentation Tax Credit, Investment Tax Credit, R&D Funding.
WHAT QUALIFIES
If you are a Proprietorship, a Partnership, or a Corporation carrying on a
Business in Canada and have any of the following it is likely that your company qualifies under the SR & ED program:
- New formulations, new designs, innovations
- Methods to make products cheaper/faster/better/durable
- Risk, uncertainty, unproductive time or material
- Enhancements, efficiency issues, new product development
- Material changes, inconsistent product or quality issues
- Reduction in labor and resources needed to make the product
- Integration issues, new algorithms, software structures and tools
- Equipment modifications and large capital equipment purchases
WHEN SHOULD YOU FILE?
You can file a SR&ED claim up to 18 months from your fiscal year end. Since it takes a few weeks to prepare the technical report and tax schedules, the earlier we start, the quicker is your refund.
