Improving the capabilities of your technology can be rewarding for your business, but R&D can be pricey to pursue. Good news: the Canadian government will pay back a large proportion of those costs.
The scientific research and experimental development (SR&ED) program pays up to 64¢ on every SR&ED-eligible dollar spent. The technological advance you have discovered does not have to be unique; it may be incremental, your attempt may fail and still be eligible, and solutions may exist but must not be in the public domain, although your competitors may already have a solution.
Can you answer the following questions in a way that a CRA auditor would approve?
- Which of your R&D-related activities are eligible and which are not?
- What expenses are eligible and how do you claim them?
- How do you explain eligible activities in the mandatory reporting format?
- How do you address financial wrinkles such as collaborating with arms-length or non-arms-length companies?
Many companies prefer to hire a specialist to help them file their SR&ED claim, to make sure it is done correctly, to minimize their own effort, and to avoid it becoming a distraction from their core business. A good consultant will help you file a claim with a lower chance of being audited, and will help you defend your claim if CRA decides to take a closer look.
With nearly 10 years of experience, SR&ED Clinic can do all of this and more. See the Bio page for details.