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Our team consists of qualified and experienced accountants.
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SR&ED
Canadian Government supports entrepreneurship through the Scientific Research and Experimental Development (SRED) Tax Incentive Program. The program provided more than $3 billion in SR&ED investment tax credits to sole proprietors and corporations performing R&D in Canada annually. As per Canada Revenue Agency, “work must advance the understanding of scientific relations or technologies, address scientific or technological uncertainty, and incorporate a systematic investigation by qualified personnel.”
Qualified Works
There are three types of works qualified for SRED.1. Basic research
These works are usually performed at university or research institutes level to advance scientific knowledge. So, it is rare for small business owners to make SRED claim related to this type of work.
2. Applied research
This work also performed to advance scientific knowledge. However, unlike basic research, a specific practical application must be sought. Experimental development.
The purpose of the work is to achieve technological advancement. Most of the small business owners claim this type of work.
3. Technological Advancement
To qualify SRED, Business owners must prove the technological advancement in products or processes. The technological advancement is achieved when the business owner encounters technical uncertainties to develop a new product or improve a process. Technical risks are barriers that prevent you from achieving your goals, just like your high school chemistry class experiments. Also, technological advancement must occur systematically. Each step you take to resolve technical uncertainties must be planned in advance. Technological advancement does not mean that it is only for high-tech businesses. You might have already done something qualified for the SRED tax credits program, including new in-house software development.
Determining SR&ED Eligibility
Based on the CRA Eligibility of Work for SR&ED Investment Tax Credits Policy, you might be able to see if you meet the eligibility of SRED tax credits by asking questions below.1. Was there a scientific or technological uncertainty that could not be removed by standard practice/engineering?
For example,canfood manufacturer who does not yet have the equipment to increase volume to meet current demands. The manufacturer might need to do some development and research to upgrade machinery to meet the demand. The manufacturer then can claim SRED Credits.
2. Did the effort involve formulating a hypothesis specifically aimed at reducing or eliminating the uncertainty?
For example, can food manufacturer have discovered a technology that preserves foods for an extended period through testing of several prototypes of cans.
3. Did the process result in a scientific or technological advancement? You might be able to answer this question if you review the technological advancement section.
4. Was a record of the hypothesis tested and results kept as the work progressed? You must keep all documentation as the work progress. The documents include notebooks, diaries, e-mails, minutes and file notes. Also, you might need to keep a record of time that your employees spend as some credits are hourly basis. These records will be further discussed below.
Type of Incentives
A deduction to reduce the income for tax purpose and a refundable or non-refundable investment tax credits are available, and a business owner can generally earn an investment tax credit of 35% on a maximum of $3 million in qualified expenditures.Qualified Expenditures
Qualified expenditures include Salaries or wages, contracts, materials and overhead costs; however, exclude capital expenditures such as machinery, equipment and buildings.Overhead Costs Calculation
Overhead costs can be calculated using either the traditional method or the proxy method. The traditional method requires to keep track of exact overhead costs throughout the tax year. With the proxy method, the business owner can estimate the overhead costs by calculating 55% of salaries or wages for employees who are directly involved in the development.
Client Benefits
CUSTOMER SERVICE GUARANTEE
When you retain a Chartered Professional Accountant, you expect them not only to provide tax and accounting expertise but also to get your questions answered promptly. We guarantee that all enquiries will be responded to in a clear and friendly manner - without delay.
VALUABLE EXPERIENCE
We have over a decade of tax and accounting experience in our firm, across various industries. As our valued client, you will have the opportunity to leverage all of our knowledge and expertise to suit your needs.
ALWAYS ON TIME
We all know that deadlines are critical for your CRA filings. We also know that penalties and interest can be quite substantial when deadlines are missed. Therefore, we guarantee that we always deliver our tax services on-time while maintaining the quality of service.
Services
Corporate Tax
We offer corporate tax return (T2) preparation, using innovative tax planning to ensure taxes are minimized for our corporate tax clients.
Financial Statements
We understand that you need more than financial statements and tax preparation service to operate your business. You will enjoy the benefit of access to financial advisory services.
Personal Tax
We can provide individual tax return (T1) preparation services for employment, self-employment, and investment incomes
Buying & Selling
We provide estate planning services to guide you and your family through the process. We will provide a plan that accomodate your needs and ensure that the value of the estate is maximized.
Incorporation
Incorporating your business can help lower your taxes benefits and protect you and your family assets. We can provide expert advice on all related matters.
SR&ED
The Canadian government offers a tax incentive program to companies who advance technologies, known as Scientific Research and Experimental Development program.
U.S. Tax
Whether you are living, working, or investing on either side of the border, we can assist you to understand your tax obligations and devise a plan that saves your hard earned dollars.
Estate Tax
We will prepare your trust tax returns and help devise a plan that works for you.
Industry
Doctors
We strive to provide our clients with the highest level of service to meet their tax needs. Whether you are a sole proprietor, a member of a partnership or have an existing Professional Corporation, we can help you understand your tax obligations.
Small Businessess
Small business services are our specialty. We understand that the needs of each business owner are different and we provide tailored services accordingly.
Startups
As a startup founder, it may feel like you have the entire world on your shoulders. We can guide you from managing day to day operations, to planning on your long-term strategy.
Consultants
Many consultants and service providers go independent for tax savings. We will help you understand from writing off all their expenses, to living the good life.
