SRED Tax Consultants | Conceptinero | Ontario | https://conceptinero.com
When you submit an SRED claim to the Canada Revenue Agency (CRA), it will go into a thorough screening process to determine if your corporation is eligible for the claim and whether it is completed correctly. When approved you will receive an SR&ED investment tax credit for your income tax or a refund.
Sometimes CRA will decide that more information is needed to complete the screening process. In that case your claim will be sent to a tax service office where professional technical and financial reviewers will evaluate the claim . The reviewers of the CRA may even decide to visit your place of business to speak with staff members and collect supporting evidence.
The Canada Revenue Agency follows specific service standards to process SR&ED claims. When you submit a claim for your research and experimental development projects, the CRA is devoted to meeting service standards 90 percent of the time. These service standards include:
To closely monitor your claim, the Canada Revenue Agency offers a CRA Times tool, where you can find out when your claim is expected to be processed. The tool asks a series of questions and offers a selection of choices in a drop-down menu. Once you answer the questions, the tool will give you a time in which you can expect your claim to be processed.
If your claim is selected for further technical review, your technology and financial staff will meet with reviewers. The technical reviewer first determines the strength of eligibility of your SR&ED claim. Then the financial reviewers from the CRA will evaluate the scope of eligible SR&ED expenditures to ensure any costs associated with your claim are for the SR&ED tax credit and allowed within the Income Tax Act.
The CRA research and technology reviewers are responsible for determining whether your project meets SR&ED eligibility criteria. Each detailed review consists of three steps:
In this phase, the CRA does a thorough review of any information, identifies any issues, and reaches out to you, the claimant. This is when further discussion about the claim will continue. In some cases, the issue can be resolved on the phone, but typically an on-site visit is scheduled to discuss further.
A review often requires a site visit where the SR&ED claim can be further evaluated. The Research and Technology Reviewer (RTA) will take a tour of the premises, gather the information that supports the claim, and interview people involved in the SR&ED work.
In the final step of the review process, the CRA will present a review report which includes the financial review and the technical review based on the RTA’s findings. It will also include information on the dispute and resolution process, and the appeals process.
We are a full-service professional SR&ED Consulting Firm specialized in the Medical Science, Software and Manufacturing industries. We have a 95% success rate in getting CRA to refund up to 65% of your research and development costs.
We engage with you to assess the technical and financial viability and make sure your claim gets approved by CRA without an audit. We have submitted $50M in claims to the CRA. Over 320 claims were accepted as filed, for an average $146,000 per company.
Unlike larger SR&ED consulting firms, we offer full service from an individual consultant who gets to know your team and fully manages your CRA claim. We don’t expect you to do the heavy lifting, which means maximum results with minimal input from your team so you can focus on your business.
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