In the 2018 Ontario Budget released in March, the Ontario Government announced proposed changes to the Small Beer Manufacturers’ Tax Credit. On Monday (Apr 9), Ontario’s Minister of Finance, Charles Sousa, highlighted some of those proposed changes and what they would mean for Ontario’s small breweries in a more practical way. What’s the Big Deal…
DetailsIt’s a new year and it helps to go into it with a clear head. If you can get past one common point of confusion, then your 2015 could turn out that much brighter. Common misconception: Accepted as filed = SR&ED-eligible work Since the process of claiming SR&ED appears labyrinthine and frustrating to the layperson,…
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In every business, it is critical that the right value of research and development tax credits are claimed and that innovation as part of a business process is not missed. Hence the founding of Scientifically Advanced Business Intelligence Inc. (SABI.ai), the creator of Serenity, the utility for capturing real-time data on your R&D investments. …
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The Canada Revenue Agency (CRA) recently replaced the wording of its Eligibility of Work for SR&ED Investment Tax Credits Policy with new guidelines on the Eligibility of Work for SR&ED Tax Incentives. These changes bring up several questions for Canadian businesses: What does this change mean for Canadian corporations applying for SRED? Does this change…
DetailsHow can you select and secure the right funding from the variety of Canadian options available without being a certified accountant or having a Master’s degree in business administration? This newly released book from Toronto-base funding expert Igor Chigrin can show you how. Any average business proprietor, executive, and employee can use this knowledge to explore…
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Introduction to Canada’s SRED Tax Credit/Refund Program SR&ED stands for Scientific Research and Experimental Development. The SR&ED tax credit program is available to companies operating in Canada that invest and engage in experimental development in Canada. Every year, the CRA issues in excess of $4 Billion CDN through the SR&ED tax credit program. Will my…
DetailsWhat is an SR&ED Consultant? SR&ED stands for the Scientific Research and Experimental Development tax credit program, which is available to companies operating in Canada in a variety of industries who invest and engage in experimental development in Canada. Click here to see a list of some industries to which SRED might apply. Consultant is…
DetailsThere are many doctors and medical companies, including clients of SR&ED Unlimited, that have successfully made Scientific Research and Experimental Development (SR&ED) claims and received credits or refunds as part of this tax incentive program. Though the CRA always seems to be tightening up (or making more confusing) the criteria for what SR&ED claims they…
DetailsOver the last several weeks, the Federal and Provincial governments have launched several incentive programs—Emergency Wage Subsidy (CEWS), Innovation Assistance Program (IRAP), Regional Relief Recovery Fund (Ontario). A full list of available assistance can be found here. This is good news for Canadian businesses. However, it does raise the legitimate question about how receiving such…
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SRED Unlimited Consultant David Reti attended the recent Grow Up Cannabis Conference in Niagara Falls, Ontario. “What struck me most, was how few companies knew about the SR&ED program, despite being eligible for some significant refunds.” The two-day conference was held at the Niagara Falls Conference Centre and featured keynote speaker Dr. David (Dedi)…
DetailsNow more than ever the CRA is cracking down on SR&ED claims. Even if you haven’t done anything wrong, they’re making it more difficult to claim SR&ED refunds and credits. To SR&ED applicants, the rules seem convoluted, vague, a cloud of grey zone uncertainty. Being one of those companies whose claim has been reduced or completely disqualified is pretty frustrating, and…
DetailsCompanies are typically not in the habit of rewarding employees for failing. In fact, whole teams of people can lose their jobs over a failed project. However, failure during the scientific research and experimental development process of your company’s work is extremely useful for your SRED claim. From the SR&ED tax credit perspective, failure means…
DetailsThe Ontario government’s 2018 budget included increased provincial funding through the Scientific Research & Experimental Development (SR&ED) tax incentive program. This increased funding is aimed at helping businesses engaged in scientific research and experimental development in Ontario drastically reduce costs associated with research and development, and consequently grow their business. Ontario’s SR&ED tax incentive program…
DetailsProduct developers and engineers tend to have a certain vocabulary or frame of reference when it comes to their product development processes, which can vary slightly from industry to industry. These terms or concepts are commonly understood and form the background jargon for the work. However, these common industry phrases can be quite different from…
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Demystifying Encryption: What It Does and How It Works Jason Coyne, SR&ED Technical Writer specializing in technology, science, and safety. To mark this October’s Cybersecurity Month, we are providing a short guide to cybersecurity and cyberattacks. But, of course, every month is cybersecurity month. It is important to remain vigilant about protecting your…
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Cyberattacks: What They Are and What to Do About Them Jason Coyne, SR&ED Technical Writer specializing in technology, science, and safety. To mark this October’s Cybersecurity Month, we are providing a short guide to cybersecurity and cyberattacks. But, of course, every month is cybersecurity month. It is important to remain vigilant about protecting your systems…
DetailsThe CRA has announced updates to the guidelines for resolving claimants’ SR&ED concerns. They say they used stakeholder feedback to come up with the changes in a way that would streamline the administrative review process’ “timeliness and consistency”. Here’s the exact text of their overview of the changes: Reason for revision The changes made to…
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The CRA recently released a warning to companies who’ve been approached by third parties to prepare and submit an SR&ED claim on their behalf. Choose Your SR&ED Consultant Wisely It goes without saying that not all SR&ED consultants are the same. In their release, the CRA has stated that they’ve received claims “containing false…
Details[Article contents summarized from the media release in the link indicated below] The Province of Ontario is providing eligible Ontario Small Businesses that have been impacted by the province-wide shutdown up to $20,000. Eligible small businesses that have been required to close or significantly restrict services because of the province-wide shutdown might be eligible to…
DetailsWhile the SR&ED claiming guidelines can sometimes seem nebulous, there are some clear truths we can draw from it. One is that there are options that work better based on the size of your company. Some options work better for bigger companies, and others for smaller companies. A great example of this is the decision…
DetailsWhat is SR&ED? Canada’s Scientific Research and Experimental Development (SR&ED) tax credit incentive program provides more than $3 billion in tax incentives to over 20,000 claimants annually. It is the single largest federal program that supports business research and development (R&D) in Canada. SR&ED provides small and medium-sized CCPCs (Canadian controlled public corporations) with an…
DetailsTo ring in the new year, the key Canadian industry association CATAAlliance (Canadian Advanced Technology Alliance, or CATA) reaffirmed its support for Canadian innovation by calling on the Federal government to bolster existing tax-based innovation incentive programs. Their release constitutes an update of policy positions. They argue that it is more important to fix systems…
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