SR&ED 101: Why Not All R&D Qualifies for SR&ED
Unsure if your R&D work qualifies for SR&ED tax credits? This blog explains the differences between R&D vs SR&ED.
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Submit as many projects as needed to maximize SRE&D refunds
Efficient collection of supporting documentation to defend the work
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Want to work with the experts to get your share of $80B in cleantech tax credits. We have the tools to simplify and maximize your cleantech tax credits.
We advise and support companies applying for many grants. Our tools help you pair the best grants for your business to maximize government assistance. We've build and sold businesses, financed hundreds of companies and provided consulting services for thousands. Just ask!
Yes, there are specific grants aimed at supporting businesses owned by women, Indigenous people, and other minority groups. These grants often aim to foster diversity and inclusion in various industries by providing financial support and resources.
To apply, you must submit an application through the designated provincial agency responsible for the tax credit. This often involves completing specific forms, providing detailed documentation about the project, and sometimes initial project assessments.
Tax credits provide a dollar-for-dollar reduction of your income tax liability, while tax deductions reduce the amount of your income subject to tax. Credits are generally more beneficial than deductions because they directly reduce taxes owed rather than just reducing taxable income.
More information and assistance can be found on websites of federal and provincial government agencies responsible for environmental and energy regulations. Consulting with tax professionals who specialize in clean technology or environmental credits is also highly beneficial.
The timeframe for receiving grant funding after approval can range from a few weeks to several months, based on the specific grant program and its administrative processes.
To document a project for SR&ED claims effectively, maintain detailed records from the project’s start to finish. This includes project proposals, objectives, hypothesis or technological challenges, and iterations. Document all experimental designs, tests conducted, results, and conclusions. Track the time each employee spends on the project through timesheets or logs, and keep receipts and invoices for all related expenditures. Regularly update these records to reflect project changes or new findings. Clear, comprehensive documentation will support your claim by demonstrating that systematic investigation was conducted to advance technology or science. Finally, ensure all records are easily accessible for review or audit purposes.
Unsure if your R&D work qualifies for SR&ED tax credits? This blog explains the differences between R&D vs SR&ED.
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