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Things to Know About SR&ED Experts - Canadian SRED

Our team of SR&ED experts can determine your SR&ED eligibility as part of free initial review. The professionals at Canadian SRED Consultants provides a wide range of services to individuals and businesses. Visit at https://canadiansred.ca/

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Things to Know About SR&ED Experts - Canadian SRED

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  1. SR&ED: 5 THINGS TO KNOW Canadian SR&ED Solutions

  2. Scientific Research and Experimental Development is a mouthful, but shortened to SR&ED or “shred” it may be familiar to business owners. A federal program designed to incentivize industry with tax credits, SR&ED and its benefits are enforced by the Canada Revenue Service (CRA). Most of the time, claims and reviews are a simple process– but the following are five brief tips from the experts here at Liu & Associates.

  3. Individuals, trusts and foreign-owned corporations are all eligible for SR&ED and its incentives. Canadian-owned private corporations can claim these benefits at an even higher rate thanks to lawmakers’ efforts to encourage local innovation. • WHO CAN APPLY?

  4. 2. PRESCRIBED PROXY AMOUNTS (PPA) Prescribed proxy amounts (PPA) are used in case you are not prepared to claim all SR&ED overhead and expenses (traditional method). Using the proxy method, your PPA is calculated against the salaries of all staff involved with SR&ED.

  5. Supporting documentation may be needed if your business’ SR&ED claim is flagged for review by the CRA. Always keep any documentation that could support your claim, including but not limited to accounting records, prototypes, financial records and even photographs. 3. SUPPORTING DOCUMENTATION

  6. Investment tax credit (ITC) is what is generated by a successful SR&ED claim– it can reduce your business’ taxable income. Select cases may even be eligible for partial refunds paid for by ITC. Our team of SR&ED experts can determine your SR&ED eligibility as part of free initial review. 4. INVESTMENT TAX CREDIT (ITC)

  7. 5. TAX DEDUCTION Tax deduction is tied directly to what your company spends on SR&ED. Third party payments; overhead and material budgets; salary, wages and contracting costs. All of these could result in a tax credit or an ITC refund.

  8. CONTACT US Address: Canadian SR&ED Solutions Suite # 1901 - First Alberta Place 777 - 8 Avenue SW Calgary, AB Tel: 587-200-4163 Website: https://canadiansred.ca

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