SR&ED Tax Credit Experts

Our expert tax consultants can assist in financing your research and development costs with SR&ED tax refunds.

What is SR&ED?

SR&ED, which stands for “Scientific Research and Experimental Development,” It provides tax incentives, including credits and refunds, to Canadian businesses conducting eligible research and development activities. The program aims to encourage innovation, drive economic growth, and enhance Canada’s competitiveness. To benefit, businesses must meet specific criteria and document their qualifying R&D work.
Scientific Research and Experimental Development
Scientific Research and Experimental Development

You can obtain tax credit refunds or reduce your tax liability upto 35% of qualifying expenditures.

  • Utilize refunds to further finance your companies technological advancements.
  • A (Canadian Controlled Private Corporation) CCPC is entitled up-to a 35% tax credit of qualifying SR&ED expenditures, upto $3 million dollars of SR&ED expenditures.
  • A non-CCPC is entitled up to 15% tax credit of SR&ED expenditures.

Are you eligible for SRED?

Corporations, Individuals, Partnerships, and beneficiaries of a trust can qualify for the SR&ED tax credit. If you or your organization has created a new product, improved an existing one or taken a process and made it better you may qualify.

The scope of work has to fall under one of the below categories:

Which R&D expenditures qualify for SR&ED refunds?

Expenditures directly related to your SR&ED work can qualify, such as:

Salaries and Wages

Contract Expenditures

Third Party Payments

Material Costs

Overhead

Other expenditures

The Key Factor

Determine if you achieved technological advancement by asking yourself:

There are systematic investigation by experiment or analysis to advance science or technology of SRED.

What technological uncertainties did you encounter when you tried to develop the product or process?

What Knowledge did you gain from addressing those uncertainties?

If you are doing a systematic investigation or search by experiment or analysis to advance science or technology, your work qualifies.

There are systematic investigation by experiment or analysis to advance science or technology of SRED.

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FAQ

SR&ED stands for Scientific Research and Experimental Development. It’s a program in Canada that provides tax incentives to corporations engaged in research and development activities.

The program aims to encourage innovation and economic growth by allowing eligible corporations to claim tax credits for their qualified R&D expenditures.

Corporations, individuals, trusts and partnerships that undertake eligible research and development activities.

SR&ED tax credits can be claimed for activities related to scientific research, experimental development, and certain support activities. These activities often involve solving technological problems, conducting experiments, and advancing scientific knowledge. The work must be conducted in Canada.

You must file an income tax return along with Form T661 and other supporting documents.

The T661 form will require you to report the research projects and expenditures and detail the R&D work conducted

The SR&ED tax credit is calculated based on eligible expenditures, which can include salaries, materials, and overhead costs directly related to your eligible R&D activities. There are two tax incentives: a deduction against income and an investment tax credit (ITC). The ITC can be 15% or 35% on SR&ED expenditures, depending on the type of claimants (individuals, partnerships, canadian-controlled private corporations and other corporations).

Yes, your SR&ED reporting (Form T661) deadline is 12 months after your income tax return due date. For example, for a corporation tax return with year-end on Dec 31, 2022, Form T661 must be submitted before June 30, 2024.  It is essential to submit your claim within this timeframe to be eligible for SR&ED tax credits.

You should maintain detailed records of your R&D activities, including project plans, lab notebooks, technical reports, and financial records. These documents serve as evidence for your SR&ED claim.

Yes, you can potentially claim both federal and provincial SR&ED tax incentives if you meet the eligibility criteria for each program.

Challenges may include meeting the strict eligibility criteria for the R&D activities, documenting activities adequately, and preparing for potential audits by the CRA. It’s important to seek professional guidance to navigate these challenges effectively.

The CRA administers the SR&ED program, reviews claims, and determines eligibility. They are responsible for assessing and granting tax incentives to eligible corporations.

The processing time can vary, but it generally takes several months with no maximum service standards. The CRA will review your claim, and once approved, you’ll receive the tax credits.

Yes, you can request a review or appeal if your SR&ED claim is denied or you disagree with the assessment. The CRA provides a process for addressing disputes.

Common mistakes include inadequate documentation, failing to meet eligibility criteria, and inaccurately calculating eligible expenses. It’s crucial to avoid these pitfalls through proper planning and seeking professional guidance.

You can hire SR&ED consultants or experts who specialize in the program to help you assess eligibility, prepare claims, and navigate the process for optimal results.

  1. Initial Consultation- We offer a free initial consultation, including an assessment of your R&D activities and related expenditure analysis.
  2. Contingency package-  “If your activities qualify for the SR&ED credit, our services are provided on a contingency basis. This means we only charge our fees if you receive payment or credit through the SR&ED claim. Contact us for further details.”
  3. Hourly Package– If you wish to proceed with our services on an hourly basis it will be $350/per hour for our support.

How much will it cost for TMP to provide SR&ED?

Initial Consultation

We offer a free initial consultation, including an assessment of your R&D activities and related expenditure analysis

FREE

Contingency package

If your activities qualify for the SR&ED credit, our services are provided on a contingency basis. This means we only charge our fees if you receive payment or credit through the SR&ED claim. Contact us for further details

$650 / per month

Hourly Package

If you wish to proceed with our services on an hourly basis it will be $350/per hour for our support

$350 / per hour

Custom

For more complex preparations, please fill in the questionnaire.

$1,500 +HST

Next Steps

Step 1

Please fill in this questionnaire

Step 2

Schedule a consultation with one of our CPAs to receive a final quote and a checklist of the required data

Step 3

Upload requested data onto cloud folder shared

Let’s collaborate!

Have a question, an idea, or just want to learn more about Triple M Professional Corp.? We’re all ears. Fill out the form or Email us and we’ll connect with you soon.

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Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9