Myths And Facts About SR&ED

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.