Sr&ed Tax Incentive Program - A War Chest For Small And Mid-size Businesses

The ongoing economic recession and environmental concerns - these two issues make

it more challenging for small and mid-size businesses in Canada not only to succeed, but in many cases to survive.

Did you realize that the Government of Canada developed and implemented a unique program to help small and mid-size businesses operate successfully?

The SR&ED tax incentive program is a great "war chest" resource, especially during the current economic downturn.

Each year, the SR&ED program provides over $4 billion in refunds and tax credits to over 18,000 claimants. Of these, approximately 75% are small businesses.

Naturally, there are questions you might be asking yourself now. Some of those could be:

Your Question: What is the SR&ED program?

Our Answer: The Scientific Research & Experimental Development (SR&ED) program is a Canada Revenue Agency (CRA) initiative that provides incentives in the form of refunds and tax credits to Canadian businesses of all sizes, and in all sectors for R&D conducted in Canada.

Your Question: How does my business benefit from this program?

Our Answer: The SR&ED program helps you to:

- fund technological and environmental advances that keep your company competitive:

- maximize the return on your investment for the above initiatives

- better position your company for future R&D and experimental projects

Your Question: How much do I get?

Our Answer: Typically, SR&ED refunds range between $20,000 and $500,000.

Here is an example: Assuming your company spent $ 100,000 on salaries and $ 60,000 on consulting fees, and 75 percent of the labour and consulting fee was attributed as Experimental Development expenses, your claim size is as follows:

100,000x0.75x0.685 + 60,000x0.75x0.415 = $ 70,050

Have a look at some case studies here:

Now it's our turn to ask you: Are you interested in getting $20,000- $500,000?

If yes, do you qualify for the SR&ED refund?

To qualify for the refund, you must:

- be an incorporated Canadian company

- have a payroll (the salary paid through T4), or consulting fees

- have production (it can be anything - software development, bakery, printing, metal forming, chemical manufacturing, etc.)

by: Jamie Hanson

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