SR&ED and Government Incentives
The increasing importance of R&D tax credits for your business
With businesses across the globe struggling to adapt and survive within a challenging economic environment, tax incentives continue to offer a way to boost cash reserves available to reinvest. Research and development (R&D) tax relief through the Canadian government’s Scientific Research and Experimental Development (SR&ED) tax credits in combination with our wholistic approach that includes other government grant incentive benefits form an important strategy to encourage investment in innovation in Canada and the CRA continues to encourage businesses investing in innovation to take advantage of this generous tax relief. Despite the continuous need for innovation, there are two common assumptions made by companies: they do not undertake any qualifying R&D activities, and it is too difficult to make a successful claim. Companies in almost all sectors will undertake some qualifying R&D.
R&D claims could entitle businesses to significant tax relief, which results in either a reduction in the amount of corporate tax payable to CRA and in some cases a significant cash repayment.
How we can help
Our specialist teams within our national practice, come from both technical and tax backgrounds, so they have a deep understanding of your business and the activities that qualify for R&D relief. Our strategy is to provide a service to our clients both locally and nationally, so that we stay closer to you and the markets in which you operate. This means we can develop strong personal relationships that generate real value.
- Full service technical and financial preparation – Minimizing the time spent by your teams
- R&D workshops – Refreshing the knowledge of your in-house knowledge of the R&D tax relief model
- Review of claims – Review of pre-existing claims and challenge current methodologies
- Management and assistance in resolving CRA enquiries – Quick resolution of questions raised by experienced R&D specialists
- Advise on tax disclosures and accounting requirements – A cohesive approach, to suit your current processes, and bring robust external expertise
Our sector expertise
Kreston’s innovation team has supported R&D claims across multiple industries – Manufacturing, Information Technology, Artificial Intelligence, Semiconductors, Robotics, Life Sciences, Medical, Chemical, Food & Beverage, and many other fields. With our combination of specialized R&D tax and industry-trained experts we can help you prepare and submit R&D claims in line with the CRA’s latest requirements. Through short discussions with senior members of the technical teams, we can quickly assess claim potential and eligibility. Our team are skilled in rapidly identifying activities and expenditure that qualify, saving you time.
Contact us to find out more about our expertise and the specific areas your business could be claiming R&D tax relief.