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Many companies, unfamiliar with the process and paperwork, leave Scientific
Research and Experimental Development tax credits unclaimed. However, a
successful claim can significantly improve bottom-line results and promote
innovative thinking.
Island SRED can contribute to
your bottom-line in a variety of ways:
• Initial assessment to whether qualifying work exists.
We normally review previous periods to identify any unclaimed activities which
are still eligible. We also offer constructive suggestions on a proactive basis.
• Preparation of project technical descriptions.
From review of your documents, and interviews with your personnel, our staff
prepare cogent and timely project narratives that present your work in a
forthright, compelling manner while identifying technical merit in the context
of the program.
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Preparation of claim schedules.
Working with your present accountant, we prepare the T661 form and any
amendments to T1 or T2 schedules.
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Ongoing claim management.
On your behalf, we follow the status of your claim through the review process,
and we answer questions posed by CRA about technical and financial aspects of
the claim.
• Support during
technical and financial review visits.
CRA has a responsibility to all taxpayers, and review visits can sometimes be
daunting to the claimant. We attend these visits to advocate your position and
explain the reasoning behind the claim.
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Appeals. Once in a while,
valid work can sometimes be rejected. If we feel that your work has been
unfairly appraised, we will file a notice with the Chief of Appeals and follow
through on your behalf.
Most of Island SRED’s clients prefer to work on a
contingency basis, that is, they exchange a portion of their rebate in exchange
for a complete service from inception to refund cheque. For specific
interventions, fixed or hourly fees may be more appropriate. Fees paid to us are
deductible as a consulting expense, but not as an R&D expense.
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