October 16, 2012

SR&ED History in Canada!

Did you know that Industrial tax incentives in Canada have been in place since at least 1944? 1944-1986 Traditional tax deductions and tax credits for R&D are introduced. 1987-1993 Moderated abuses and a more simplified administration introduced. 1994-Present Clarified definition of experimental development, broadened eligibility re: Qualified Small Businesses, allowed proxy calculation for overhead, conducted Read more…

July 26, 2012

Why Hire a SR&ED Consultant?

Running your own business is hard enough, let alone applying for your SR&ED tax credit. It often seems like more trouble than it’s worth. Filling out all the correct paperwork can be frustrating, time consuming and, if completed incorrectly, may result in your company not receiving the credit you deserve. A well-established consulting firm like Read more…

March 16, 2012

Myth: Our Secrets are at Risk!

Don’t worry! BeneFACT offers a legally binding Non-disclosure Agreement (NDA) to our clients. In addition to this, we have always been at the forefront of deploying sophisticated IT security measures to safeguard sensitive information. A successful claim does not need to disclose sensitive information; it is just a short story describing the sequence of your Read more…

March 9, 2012

Common Questions Asked: What Businesses Qualify for SR&ED?

Scientific Research and Experimental Development (SR&ED) detailed in subsection 248(1) of the Income Tax Act can be summarized as: …systematic investigation or search carried out in a field of science or technology by means of experiment or analysis . . . to advance scientific knowledge or to achieve technological advancement. Therefore, any Canadian business operating Read more…

March 9, 2012

Myth: I don’t think we do SR&ED, so we must not qualify for the tax credit.

When it comes down to it, many companies don’t file for the SR&ED (Scientific Research & Experimental Development) tax program, because they’re not familiar with it or they believe they just don’t qualify. BeneFACT Consulting Group has found that many companies believe they don’t qualify because of their perception that they need to be performing Read more…

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