The Scientific Research and Experimental Development (SR&ED) program is a tax incentive program offered by the Canadian Government and the Canada Revenue Agency (CRA). It is designed to generously support businesses that invest in research and development. However, a great number of companies and businesses cannot take advantage of their benefits since they don’t have the resources to explore the program. Even worse, some companies spent quite a lot of time on understanding the program and submitted their applications, which were turned down by CRA eventually.
It is very essential for the first-year application of SR&ED since most companies will continue to apply for 3 to 5 years with the same project. Cooperating with a skilled grant consultant team can make the application process easier and safer.
Fully-equipped Consulting Team
Requiti Capital introduces a professional grant consulting team according to the unique background and demands of each client. The team includes a project manager, a research expert, a technical writer, a CPA financial auditor and a senior consultant for the final review of the whole project, which covers all the parts of the application process. We aim to claim all applicable activities to maximize benefits for our clients.
In order to submit a SR&ED claim, the company is required to submit:
- Form T661, Scientific Research and Experimental Development (SR&D) Expenditures Claim
- Form T2SCH31, Investment Tax Credit – Corporations, or Form T2038 (IND), Investment Tax Credits (Individuals)
- Supporting documentation, such as technical report
If the documents are not organized correctly or specific details are not included, the claim might be delayed or unsuccessful when reviewed by the CRA. To ensure the success rate of filing, the consulting team divides complicated process into four steps:
Under the circumstances, Requiti Capital’s consulting team will always maintain continuous communication with the clients. Through the collection of the financial and technical data, the team will estimate the eligible SR&ED funding, issue a corresponding report outline according to the project and complete the preparation and submission of all final reports after reaching an agreement with the clients.
After the application, companies will likely receive feedback from the CRA within 6-8 weeks. Based on the specific situation of the project, the CRA will determine if the claim can proceed. Except for a full-pass, companies may be contacted to provide supporting documents or required to join the First-Time Claimant Advisory Service (FTCAS). The consulting team will assist each client in all aspects above, and our services will not complete until the government cheque is deposited into the clients’ accounts.
Partnering with a professional grant consultant is no doubt an effective and efficient way to apply for the SR&ED program. A skilled consulting team can not only make the application successful, but also offer further advice for the R&D directions in the future.