How to Choose an SR&ED Consultant
Choosing the right SR&ED consultant can impact your R&D returns. This guide helps you evaluate key factors to find the best fit for your business.
We use our supervised AI solution to create the highest quality claims, outperforming any human tax credit consultant in quality, speed and accuracy.
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We know these programs inside and out, and we will get you up to 2/3 of your eligible expenses back!
We provide your team with the highest quality claim, extremely efficiently.
Less expensive than EY, Deloitte, KPMG, PWC, RSM, GT, or BDO.
Larger claim with ease. We do the heavy lifting, not your team.
We have unlimited resources to accommodate your timelines.
Best of human and artificial intelligence for best in class claim preparation.
Deep understanding of the CRA policies and SR&ED rules.
Expertise in all technologies, allowing us to create more detailed and accurate claims in any sector.
Better and faster technical interviews.
Complete your technical interviews at your convenience, any time.
Faster claim preparation so that you get your SR&ED refund sooner, without the headaches.
Supervised AI solution combines the power of AI with our team's expertise filling thousands of claims to reduce the risk of audit.
If you had a poor result with another consultant, we have the successful track record and expertise to defend your claim.
Efficient and thorough collection of supporting documentation to defend your claim.
The SR&ED (Scientific Research and Experimental Development, pronounced “Shred”) program is a tax credit program distributed by the Canadian Government, specifically the CRA to support innovation in Canada. CCPCs can get up to 2/3 of eligible expenses back in refundable tax credits! There are federal and provincial SR&ED tax credits, that vary depending on your company status. The Canadian Government distributes nearly $4 Billion annually in SR&ED funding to over 21,000 Canadian businesses, let’s see how we can get you your fair share of the 4 billion! Applying for SR&ED can be complex, connect with GrowWise today to let us do the heavy lifting for you, so you can focus on the growth of your business. Unsure if you need a SR&ED consultant to help you access these funds? 81.1% of all claimants use SR&ED consultants to ensure their claims are maximized, and high-quality, read more about the value of SR&ED consultants here.
To be eligible for SR&ED tax credits, the work must aim to advance a specific area of scientific knowledge or achieve technological advancement. This can be done via any of these four applications as long as the investigation and work occur through systematic investigation and well-documented experimentation. It is important to note that the work does not necessarily have to accomplish the goals of the project or solve the uncertainty, any lessons learned, or information acquired can classify as an advancement and be eligible for the SR&ED incentive.
Expands fundamental scientific knowledge without a practical application in mind.
Ex. Studying a specific bacteria to understand how it interacts with certain cells.
Aims to solve practical problems and advance scientific knowledge with specific applications in mind.
Ex. Testing a newly developed drug to determine its’ effectiveness in killing the bacteria
Systematic work aimed at improving or creating new technologies, products, or processes with technical uncertainties.
Ex. Creating and optimizing a new manufacturing process to mass-produce the newly developed drug.
Engineering, design, operations research, mathematical analysis, computer programming, data collection, testing or psychological research directly supporting the basic, applied or experimental research.
Ex. Data collection for the new drug production process.
Eligible SR&ED expenditures include labour costs, material costs, overhead costs, and contract expenditures.
How much of the four billion dollar pie are you eligible to receive? Enter a few details about your company and get an estimate of your R&ED refund in 2 minutes.
To determine if your project is eligible for SR&ED assess whether it involves systematic investigation or experimentation aimed at advancing science or technology. Key criteria include:
Document your hypotheses, experiments, results, and failures to support your claim. Review the CRA’s eligibility guidelines or consult with a SR&ED professional to ensure your project meets the criteria.
Yes, most software development projects qualify for SR&ED if they meet specific criteria. To qualify, the project must involve systematic investigation or search through experimentation or analysis. This includes work aimed at advancing technology, creating new algorithms, or significantly improving existing technologies. The development must solve a technological uncertainty where the solution is not readily deducible by a professional in the field. Routine software development, however, such as standard updates and minor improvements, typically does not qualify. It’s essential for businesses to document their development process, experiments, and findings to support their SR&ED claims.
Provincial tax credits are offered by individual provinces and can be specific to industries prevalent in those regions, like oil and gas, film, or technology. They may differ in terms of eligibility, benefits, and application processes from federal tax credits, which are generally applicable across all of Canada.
Yes, there are industry-specific considerations for SR&ED. Each industry may face unique challenges and requirements in documenting and proving the technological advancements and innovations necessary for SR&ED claims. For instance, manufacturing firms must detail process improvements, whereas software companies need to demonstrate novel algorithms or architecture enhancements. The key is to show how the work overcomes technological uncertainties and contributes new knowledge or capabilities specific to that field. Understanding these nuances is crucial for maximizing SR&ED claim eligibility and compliance, making it advisable to consult with experts familiar with both the SR&ED program and the specific industry.
Best practices for SR&ED project management include clearly defining project goals and scopes to align with SR&ED eligibility criteria. It’s crucial to maintain detailed documentation of experiments, hypotheses, and results to substantiate claims. Implement a systematic approach to track time and resources spent on SR&ED activities. Regular training for team members on SR&ED processes and requirements ensures compliance and maximizes claim potential. Collaborate closely with financial and technical advisors to accurately capture all eligible expenditures and activities. Finally, review and refine SR&ED processes regularly to adapt to changes in tax laws and project outcomes, ensuring continuous improvement and compliance.
The CRA assesses SR&ED claims based on documentation provided and criteria met. They review the technological advancements aimed for, the scientific or technological uncertainties involved, and the systematic investigation processes undertaken. Claims may be reviewed through a desk audit or a more detailed field review.
Choosing the right SR&ED consultant can impact your R&D returns. This guide helps you evaluate key factors to find the best fit for your business.
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