Thursday, October 22, 2015

How To: Obtain SR&ED Refunds in Vancouver

SR&ED refunds come from the Canadian Government’s Scientific Research and Experimental Development program. This program rewards companies for conducting research and development activities throughout Canada.
When trying to make a SR&ED claim there is some criteria that must be followed:
  1. R&D being claimed must have taken place in Canada
  2. Proof that the money was used toward the claimed project (T4’s, cheques, invoices etc…)
  3. The company claiming must have ownership of the Intellectual Property resulting from the project
  4. The company must be up-to-date with respect to their government financial reporting
  5. The particular project expenses being claimed must have been received within the 12 months from the year-end being filed.
What determines a Eligible SR&ED project?
  • Technological Uncertainty (no obvious solution to your problem)
  • Systematic Investigation (removes technological uncertainties)
  • Achieve Technological Advancement
The steps listed above may seem confusing to you, if so, it is recommended that you reach out to an SR&ED consultant in order to receive the particular refunds you deserve for your business.
At Innotek Consulting LTD we have a very diverse group of professional individuals that work with the Canadian Revenue Agency to ensure that your business is eligible for big refunds based on the work you perform.
Innotek Consultants want you to have the most hassle-free process while being successful in your tax claims, and government refunds. If you are a canadian resident looking for assistance with your SR&ED refunds call us today at 604 259 9937 or visit us online to learn more!