Research
and Development Capital for your Business!
Take advantage of the Scientific Research and Experimental
Development (SR&ED) tax credit incentive program now.
Every year there are billions of tax dollars provided as an incentive
for companies performing SR&ED activities. The rules are complex
and confusing which means that many companies do not claim incentives
that they are entitled to.
g9 Consulting has an exceptional success rate in helping companies receive maximum annual tax free SR&ED refundable investment tax credit dollars. Call us for a free consultation today. Read more
about our services.
The Scientific Research and Experimental Development (SR&ED) program
is a federal tax incentive program to encourage Canadian businesses of
all sizes to conduct research and development (R&D) in Canada that
will lead to new, improved, or technologically advanced products or processes.
You can apply for SR&ED investment tax credits for expenditures such
as wages, materials, machinery, equipment, overhead, and SR&ED contracts.
A Canadian-controlled private corporation (CCPC) can earn a refundable
investment tax credit (ITC) of 35% up to the first $2 million of qualified
expenditures for SR&ED carried out in Canada, and 20% on any excess
amount.
Other Canadian public corporations, can earn a non-refundable investment
tax credit (ITC) of 20% of qualified expenditures for SR&ED carried
out in Canada. The ITC earned may be used to reduce any taxes payable.
Proprietorship, partnership or certain trusts can earn a partially refundable
investment tax credit (ITC).
The non-refundable portion of the ITC earned
may be used to reduce any taxes payable.
To qualify for the SR&ED program, your work must advance the understanding
of scientific relations or technologies, address scientific or technological
uncertainty, and incorporate a systematic investigation by qualified
personnel.
If you answer “YES” to any of these questions,
your work may qualify for SR&ED:
• Did you make technological
advancement to create devices, products, or processes,
or improve existing ones?
• Did you perform research to advance scientific knowledge?
• Did you have a specific practical reason for conducting research?
• Did your research teach you something new that is relevant to your product
or company?
• Did you perform support work in engineering, design, operations research,
mathematical analysis, computer programming and data collection?
For more information on qualifying your project, call us! Your project
may qualify, even if you did not answer “YES” to these questions.
The SR&ED claim is due 18 months after your fiscal year end. If your
fiscal year end is December 31, 2006, your claim is due before June 30,
2008. You may be eligible to file 2 returns immediately!
Canadian Controlled Private Corporations (CCPC) will receive refund cheques
3 months after filing the corporate tax return with the SR&ED claim.
If the SR&ED claim is filed separately at a later date, and before
the due date, then the cheque will be received 6 months after filing.
