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How can SR&ED tax incentive program benefit your company?
Post Date: Aug. 17, 2015
We believe that there are many Canadian companies who are missing an opportunity to benefit from the Scientific Research and Experimental Development (SR&ED) Tax Credit program. They simply do not consider what they do as Research and Development. SR&ED, however, is not confined to "ivory towers". If you are pushing the envelope in your field, you are probably doing SR&ED. If there is a risk that you will not be successful in what you are trying to achieve, you are almost certainly engaged in SR&ED. If you are making improvements to your products or processes, and these changes involve technological uncertainty then you are doing SR&ED. If part of what you do is advancement within your field then you are doing SR&ED. 

If your company is a CCPC (Canadian Controlled Private Corporation) then your SR&ED tax credit from CRA is 35% up to the first $2 million of qualified expenditures for SR&ED carried out in Canada, and 20% on any excess amount. The Ontario Government also kicks in 10%, so that your total credit can be almost half of the costs claimed. If, also, you qualify based on the business limit , then the credit is refundable, meaning you will receive a cheque for the full credit, regardless of how much your tax is for the fiscal year in question. CRA is currently committing to turning around a claim of this nature in 120 days. 

You can submit an SR&ED claim, for a particular fiscal year, when you file your taxes for that year, or later if you wish. You need to be aware that the SR&ED claim must be filed no later than 18 months after the fiscal year end. (To be safe, CRA advises you to submit it within 16 months. This gives you some leeway to submit missing information, should it be necessary. CRA will not accept any documentation after this 18-month period has expired.)