Going into this process, we were unsure of our ability to qualify for SRED tax credits and lacked the in-house resources and expertise for the research and preparation of a high-quality claim. SRED Unlimited managed the entire process of SRED claim preparation and submission with minimum involvement of our staff. We have subsequently received a significant refund and have retained SRED Unlimited to help strategize on new projects to ensure they qualify for maximum SRED credits.
SR&ED for Small & Medium Companies
The oil & gas and chemical industries thrive on innovation. SR&ED is not only an opportunity for larger companies, but also for mid-size and smaller companies.
SR&ED provides small and medium-sized CCPCs (Canadian controlled public corporations) an annual fully refundable 35% tax credit on up to $3 million of qualifying SR&ED-related expenditures, and annual non-refundable credits of 15% for all other companies.
Recent changes to the taxable income amount in the SR&ED tax credit program mean that regardless of income, the fully refundable enhanced tax credit for eligible expenditures remains at 35%. Only companies making between $10 million and $50 million would see a reduction.
This is great news for small and medium-sized corporations.
Missed SR&ED Tax Credit Opportunities
Many companies don’t see incremental developmental steps as proper innovations, and so do not file a claim. Others may not realize that their work is experimental or non-standard in nature – that is, not what any other company is or might be doing – because, as subject matter experts, the work may seem routine.
Why you need SRED Unlimited
SRED Unlimited can help you claim SR&ED tax credits on scientific research and experimental development work done on manufacturing of:
- resin,
- rubber,
- paint, coatings,
- adhesives,
- ink,
- petrochemicals,
- pesticide, fertilizers, and other agricultural chemicals,
- soaps and cleaning compounds.
If your company engages in SR&ED work relating to drilling and extraction of oil and gas, or provides machinery and operations support for the oil and gas industry, then you also may have project work that qualifies.
Don’t let these dollars go unclaimed. Even if you are unsure of how experimental a project is, contact SRED Unlimited for a second opinion.