Scientific Research and Experimental Development (SR&ED) Consulting
What do our consultants do in relation to SR&ED or the R&D tax program?
SR&ED is an R&D tax incentive program offered by the Canadian Government,
administered through Canada Revenue Agency (CRA). Having a SR&ED exclusive
consulting firm prepare your application will ensure compliance with program
legislation. Our R&D tax consultants consist of both technical and financial
consultants. Our technical consultants are engineers and scientists who have
worked in industry and typically have, at minimum, a Masters Degree in their
respective fields.
Our SR&ED consulting process consists of a preliminary meeting where our
SR&ED technical experts will identify and educate your company on how to
maximize your R&D tax claims. Our technical consultants will conduct interview
style questioning with your lead R&D people to identify the specific details
of your R&D efforts. This information will then be translated by our consultants
into the required CRA SR&ED report. Our SR&ED technical consultants
will continue to liaise with your R&D/technical staff to identify further
activities that qualify for SR&ED or to obtain additional information on
projects which were previously identified. Once our SR&ED technical consultants
and your R&D/technical staff are comfortable with the written report; BeneFACT’s
financial consultants will take over the process. The financial consulting process
will begin by determining the best strategy to identify the costs that had been
associated to the SR&ED projects. The financial consultant will work with
your accounting team to gather, analysis and prepare a SR&ED cost breakdown/project.
The SR&ED financial consultant will also prepare the SR&ED related tax
forms for incorporation with your tax returns or amend a previously submitted
return.
Even after BeneFACT submits your SR&ED claim our consulting process does
not stop. We have a very thorough structure for contacting CRA to ensure your
application is being reviewed as quickly as possible. BeneFACT will manage all
questions or requests for further information that CRA has. If CRA reviewers
decide to conduct an onsite review, our respective consultants will work with
you to ensure you are prepared for their visit as well as attend the review.
Our consulting process will continue right until you receive your benefits from
our service!