What exactly is SR&ED?
The Scientific Research and Experimental Development (SR&ED) Program, which is sometimes referred to as the "shred" programme, is a federal tax incentive that promotes businesses to conduct research and development (R&D) work in the United States and Canada. The Canada Revenue Agency (CRA) oversees the SR&ED programme, which awards approximately $6 billion in tax credits for approved research and development activity each year. A list of frequently asked questions concerning SRED is available here.
What is the procedure for claiming SR&ED tax credits?
SR&ED credits are available in the form of refundable and non-refundable tax credits applied to expenditures for scientific research and development. To apply, you must complete Form T661. Use of this form will assist you in preparing the technical reports that will be used to support your SR&ED claim.
The CRA may reject your claim if the SR&ED schedules and forms are not correctly completed.
This is one of the most common reasons that SR&ED claims are refused. Thus, it is critical that you engage with a firm with extensive experience in this area of SR&ED. In addition, our staff has proven successful experience in preparing SR&ED claims that recover the majority of your R&D expenses.
What exactly is SR&ED?
The Scientific Research and Experimental Development (SR&ED) Program, which is sometimes referred to as the "shred" programme, is a federal tax incentive that promotes businesses to conduct research and development (R&D) work in the United States and Canada. The Canada Revenue Agency (CRA) oversees the SR&ED programme, which awards approximately $6 billion in tax credits for approved research and development activity each year. A list of frequently asked questions concerning SRED is available here.
What is the procedure for claiming SR&ED tax credits?
SR&ED credits are available in the form of refundable and non-refundable tax credits applied to expenditures for scientific research and development. To apply, you must complete Form T661. Use of this form will assist you in preparing the technical reports that will be used to support your SR&ED claim.
The CRA may reject your claim if the SR&ED schedules and forms are not correctly completed.
This is one of the most common reasons that SR&ED claims are refused. Thus, it is critical that you engage with a firm with extensive experience in this area of SR&ED. In addition, our staff has proven successful experience in preparing SR&ED claims that recover the majority of your R&D expenses.
Highly trained SR&ED tax credit professionals comprise the Innovative Recovery Group. We assist businesses throughout Canada in preparing and submitting SRED tax credit applications.