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Expert Guidance for Your SR&ED Journey

This presentation explains the essentials of SR&ED claims, highlighting how businesses can leverage this program for tax relief. It covers key topics such as qualifying activities, claim preparation, and maximizing benefits. Perfect for Canadian industries looking to innovate while saving on taxes. For more detailed information, feel free to contact us at (587) 284 3266 or visit https://www.sauconsulting.ca

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Expert Guidance for Your SR&ED Journey

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  1. www.sauconsulting.ca Expert Guidance for Your SR&ED Journey

  2. What Are SR&ED Claims? Introduction to SR&ED Claims • SR&ED stands for Scientific Research and Experimental Development. • It is a Canadian tax incentive program that rewards companies for developing innovative products, processes, or technologies. • The goal is to encourage research and development (R&D) in Canada.

  3. Eligibility for SR&ED Claims Who Can Apply? • Canadian businesses of all sizes. • Both private companies and some public organizations. • Companies that carry out scientific research or experimental development can apply for SR&ED claims. What Projects Qualify? • Development of new products or processes. • Improving existing products or services. • Experimentation to solve technological challenges.

  4. Types of SR&ED Research Basic Research • Exploring unknown areas of science or technology. • The aim is to discover new knowledge. Applied Research • Solving specific technical challenges using existing knowledge. Experimental Development • Improving or creating products, processes, or technologies. • It must include experimentation, trials, and testing.

  5. What Expenses Can Be Claimed? Eligible Expenses • Salaries and wages of employees involved in R&D. • Materials used for experimental purposes. • Overhead costs related to R&D activities. • Subcontractor costs for specialized research services. Non-Eligible Expenses • Marketing and sales costs. • Routine or non-innovative work. • General business operations.

  6. How to File an SR&ED Claim Steps to File • Identify eligible R&D activities and expenses. • Complete the T661 form (SR&ED Tax Claim Form). • Provide detailed descriptions and supporting documentation. • Submit the claim with your business's tax return.

  7. Common Mistakes to Avoid Lack of Documentation • Failing to maintain proper records of the research process. • Not keeping detailed logs of expenses and activities. Incorrect Filing • Not completing forms properly or missing key details. Misunderstanding Eligibility • Claiming non-research activities as SR&ED. • Underestimating the level of innovation required.

  8. Ways to Maximize Your SR&ED Claim Focus on Innovation • Clearly define the challenges you are addressing and how your work is innovative. • Highlight how your work leads to advancements in technology. Engage Experts Track Progress: • Consult with SR&EDadvisors and accountants. • They can help ensure your claim is complete and accurate. • Regularly document your research and development efforts. • It makes the claim process smoother and more transparent.

  9. SR&ED claims help reduce R&D costs and support innovation. Review your projects, keep good records, and consider expert help to make sure your claim is accurate. Start today to save on taxes and grow your business. Website www.sauconsulting.ca Contact No (587) 284 3266 Email ID info@sauconsulting.ca

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