We didn’t realize we qualify for an R&D tax credit.
We didn’t know that our work met the CRA requirements.
But BeneFACT identified many eligible projects and helped
us recover a significant refund!
Complex and often unclear SR&ED legislature creates many misconceptions
about the types of activities eligible under the SR&ED program.
In fact, there are very few scenarios where SR&ED does not
occur. We find in our experience that almost all companies in the
following industries are eligible: software development & IT,
manufacturing, food & beverage, biotech, tool & die, automation,
machinery, plastics, moulding, automation and many more.
You will likely qualify for the SR&ED tax credit if you have:
- solved technological problems or performed non-routine work
- developed new products or processes or modified existing ones
- built any prototypes
- used or tested new materials or combinations of materials
- modified existing machinery or equipment to extend their capabilities
- tried to reduce cost, energy consumption, environmental hazards
etc.
Please note that:
- Your advancement can be very small and does not have to represent
a 'quantum leap' in your respective field. Incremental changes
suffice.
- Your work does not have to be new to the industry. It will
qualify as long as it is new to you alone.
- Failed, unsuccessful or abandoned projects qualify.
- Work subcontracted to others is eligible as well (as long as
it is part of your project and you bear the associated financial
risk).
- Initially, it may be possible to file claims for 2 previous
fiscal years (strict 18 month CRA filing deadline applies)