As a seasoned accountant, you are no stranger to the rules and procedures set out by the Canada Revenue Agency, especially around SR&ED tax incentives, which can be complicated and sometimes even confusing.
The federal Scientific Research & Experimental Development (SR&ED) program is the largest R&D incentive program in Canada. SR&ED tax credits could be a crucial part of your clients’ successful financial future and overall financial success strategy. Many Canadian-controlled private corporations (CCPCs) do not think they could qualify or are not even aware the program exists, and are missing out on potentially thousands of dollars in tax credits and refunds every year.
So, why use a specialized SR&ED consultant like SRED Unlimited? When it comes to submitting SR&ED claims, our individual industry expertise means that we can quickly identify which projects or portions of R&D projects are “qualifying work” and translate and describe your clients’ work into terms the CRA is looking for in claim applications. You may be an expert in accounting, but not necessarily specialized in the SR&ED program and submitting SR&ED claims. Without the appropriate experience, preparing a claim can not only be time-consuming and frustrating but could mean your client is missing out on the maximum amount of tax credits they could receive. That’s why you need SRED Unlimited to work with you and your clients — to maximize the tax credits to which your clients are entitled for their valuable work.
Our goal is to save you time, while also increasing the chance of your clients receiving their tax credit or refund. Your commitment and direct involvement are minimal — you are only involved when you need to be, allowing you to focus on what you do best — taxes — rather than spending your valuable time ironing out the details of an SR&ED claim. We work with different software accounting packages – including Taxprep, ProFile, Cantax and TaxCycle, so we will send you back the updated T2 with SRED in the same format you used to prepare the original T2.
You and your clients may not be aware that SR&ED tax incentives are not just for computer science and IT. SRED Unlimited employs a team of experienced SR&ED program consultants, technical writers, and transcriptionists with hands-on industry experience in numerous sectors — from breweries to cannabis to technology, from healthcare to construction, mechanical engineering, and cosmetics. This extensive knowledge bank ensures that we will match a project with an SR&ED consultant who truly understands the nuances of your client’s/clients’ industry sector(s). This means an even greater chance of identifying potential qualifying projects and expenditures and translating those into SR&ED language, which other SR&ED consultants might miss.
You and your clients may also not be aware that even if a research project was unsuccessful, it may contain SR&ED-qualifying work and wasted materials, consultants’ fees, and invested employee hours used to try to solve their problem(s) can also be claimed.