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What is SR&ED?
SR&ED is a federal program to fund scientific research and experimental development. Eligible businesses get a refund of up to 64% of eligible expenses. Every year, over $3B are disbursed to more than 20,000 applicants.
Explore more: Eligible Expenses for SR&ED: What Can be Claimed?
Check out the latest SR&ED blog: The Latest CRA SR&ED Guideline – What’s Updated?
CRA SR&ED Requirements
The business must be engaged in basic research, applied research or experimental development.
The business must have staff on payroll and needs to exist for a minimum one fiscal year.
The business went through an iterative process to try to overcome challenges or uncertainties.
SR&ED Consultant makes the application easy.
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Check Your Eligibility for SR&ED Tax Credit
SR&ED Program covers almost all businesses in Canada with R&D (Research & Development) contribution.
QuickIy calculate your potential SR&ED refund amount.
How much can I get from SR&ED Refund?
Eligible business can get up to 64% tax refund of eligible expenses.
The qualified expenditures includes: Salaries and Wages, Transformed Materials, Consumed Materials, Third-Party Payments, and the other indirect costs (overhead cost).
Check out popular blog to explore more:
Eligible Expenses for SR&ED: What Can be Claimed?
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SR&ED Claim Process
SR&ED Frequently Asked Questions
SR&ED (or SRED) is short for Scientific Research and Experimental Development. It is a federal tax incentive program that comes in three forms: an income tax deduction, an investment tax credit (ITC), and, in certain circumstances, a refund.
The purpose of SR&ED is to encourage Canadian businesses of all sizes and in all industries to conduct research and development (R&D) in Canada. Eligible businesses can get a refund of up to 64% of eligible expenses. Over $3B tax incentives are disbursed to more than 20,000 applicants through SR&ED Program annually.
The SR&ED program is available to any business operating and carrying out R&D (Research and Development) in Canada. The qualified R&D work/project can be either basic research, applied research, or experimental development to meet the requirement of the SR&ED program. To start with, you can take a quick self-assessment to check your eligibility or get more information.
To apply for SR&ED tax incentives, file the applicable prescribed forms along with an income tax return are required:
–Form T661, Scientific Research, and Experimental Development (SR&ED) Expenditures Claim
-Form T2SCH31, Investment Tax Credit – Corporations, or Form T2038 (IND), Investment Tax Credits (Individuals)
-Supporting documentation, such as technical report
The reporting deadline for corporations is 18 months from the end of the tax year in which you incurred the expenditures.
Other support documents may be required during a review:
– Related records and documents to support financial transactions include financial statements, ledgers, journals, and vouchers, including electronic records.
– Source documents such as receipts, contracts, and general correspondence.
– Related documents and information that support the specific expenditures claimed on Form T661.
Read Documentations You Need to Prepare for the SR&ED Application for more information.
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More information to guide you file your SR&ED application.
Generally, there are two calculation methods at your disposal and you can choose either of them to estimate and calculate your SR&ED claim:
The traditional method will require you to itemize your overhead and related expenditures.
This is a simplified method that allows you to claim around 60% of salaries and wages for employees who are directly involved in your SR&ED-qualified work.
However, most companies choose the second method to prepare and proceed with their application since it is easier to estimate and keep the record. Quickly calculate the amount that you can claim from the SR&ED project.
Generally, all kinds of businesses could apply for SR&ED with eligible projects. But there are three types of companies that are not recommended to apply:
1. Non-CCPCs (Non-Canadian-controlled private corporations)
2. Non-profit Organizations or companies not paying taxes to the Government of Canada
3. Public Companies
You might be able to apply for the SR&ED tax credit if your business belongs to the following business sectors:
– Real estate
Not sure if you are eligible? Talk to us and check your eligibility.
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