1 / 9

The Forms SR&ED Funding Consultants Use When Filing Taxes

This presentation covers the essential forms used by SR&ED funding consultants during tax filing. It details each form's purpose, required information, and the process of completing them accurately. Understanding these forms helps ensure proper documentation and compliance with SR&ED regulations. The session is designed to provide a clear overview of the necessary paperwork and procedural steps involved, offering insights into how consultants manage and submit SR&ED claims effectively. For more information, visit us at https://www.sauconsulting.ca/aboutsau

consultingsau
Download Presentation

The Forms SR&ED Funding Consultants Use When Filing Taxes

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Forms SR&ED Funding Consultants Use When Filing Taxes

  2. When filling out the SR&ED claim, funding consultants typically follow a structured process and use specific forms to ensure compliance and maximize the potential refund.

  3. Form T661- (SR&ED) Expenditures Claim • This is the primary form used to detail SR&ED expenditures. It requires a comprehensive breakdown of costs associated with the research and development activities, including salaries, materials, and overheads.

  4. Form T2 - Corporation Income Tax Return • When a company submits an SR&ED claim, it must also file its annual income tax return using Form T2. The consultant helps complete relevant sections related to SR&ED claims, ensuring that the expenditures are correctly reflected in the tax return.

  5. Alongside the forms, detailed documentation supporting the SR&ED claim is crucial. This includes project descriptions, timelines, technical reports, and evidence of experimental processes. Consultants ensure that this documentation aligns with the claims made and adheres to CRA guidelines. • Supporting Documentation

  6. Form T661 Schedule B • For claims involving subcontracting or related party expenditures, this form is used to provide additional details about these costs and their relation to the SR&ED activities.

  7. Form T661 Schedule C • This form is used to provide a summary of SR&ED expenditures claimed for each project, offering a detailed breakdown that supports the claim on Form T661.

  8. Contact • Information Address Email • info@sauconsulting.ca • Suite 2010, 777 – 8th Avenue SW, Calgary Website Phone Number • www.sauconsulting.ca • (587) 284 3266

  9. By meticulously following these forms and ensuring that all information is accurate and well-supported, SR&ED funding consultants help companies navigate the complex claims process and optimize their potential tax refunds.

More Related