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April 10, 2014

Full Time vs. Contract Consultants in SR&ED

As the SR&ED community continues to expand, so does the types of roles those working on a claim take on. When looking at hiring a consultant to put together your company’s SR&ED claim, there are basically two types of SR&ED consultants to choose from; contract or full time. Contract SR&ED Consultants There are MANY SR&ED Read more…

March 27, 2014

The Importance of Good SR&ED Health

Just like taking care of your nutritional health, your SR&ED health needs attention, too! Having an organized SR&ED claim with documents from beginning to end may mean a bigger benefit when the return comes in. One of the best ways to make sure you’re getting the most from your claim is with a simple SR&ED Read more…

March 20, 2014

SR&ED Deadline Fast Approaching – Are You Ready?

Procrastinators take heed: In the world of SR&ED, the early bird really does get the worm. One of the big deadlines for submitting a company’s SR&ED tax claim is fast approaching; June 30th, 2014 is the magic date! If a company has a fiscal year-end of December 31st, 2012, all paperwork MUST be in to Read more…

February 21, 2014

Tips for a Smooth SR&ED Tax Claim Review from the BeneFACT Team

In most cases, a SR&ED tax claim (also seen as “SRED”), will go through seamlessly. However, there are cases where CRA may have questions about particular elements of the claim, or the projects involved. This can lead to a SR&ED claim review. A review may sound scary and dramatic but, if you are prepared, it’s Read more…

February 7, 2014

Confidentiality Taken Seriously with New T661 SR&ED Form Part 9 Filing Measure

Back in October 2013, CRA released a new version of the T661 SR&ED form that included the addition of Part 9 – SR&ED Preparer Information. This new section of the form was the talk of the community as it raised a few concerns about confidentiality if a separate entity from the preparer was filing the Read more…

January 27, 2014

Maximizing your R&D Funding: The Danger of Double Dipping

Getting R&D funding from the government is a great way to not only put finances back into your business, but keep the Canadian innovation cycle going (should the benefits be put back into the next project). In Canada, there are over 200 government funding opportunities available, with one of the most lucrative being SR&ED tax Read more…

November 22, 2013

BeneFACT Company Review of SR&ED CRA Examples

  Back in September, the CRA released a set of examples to better illustrate what is considered SR&ED eligible and what is not. These scenarios cover 3 major aspects of a SR&ED claim: Technical problem vs. technological uncertainty Cost targets related to technological uncertainties Importance of a systematic plan & analysis of results (vs. trial and Read more…

September 18, 2013

The Inside Scoop on Contractors in the SR&ED Tax Claim Process

The SR&ED tax claim process alone can be confusing, but add in the stipulations and changing rules regarding contractors and you have yourself a bit of a puzzle. Arm’s-length contractors can be included in your SR&ED claim, but you have to understand when and how. As always, it’s best to hire a professional SR&ED consultant to Read more…

September 11, 2013

SR&ED Tax Credit for Film & Television

Hollywood may still be the big player in the film and television industry, but Canada is becoming quite the contender. Vancouver and Toronto have become the major hot spots for productions, but there are companies all across Canada innovating and creating great films. What makes “Hollywood North” so attractive? Perhaps it’s the variety of government Read more…

August 30, 2013

Pros & Cons of SR&ED Financing

The Scientific Research and Experimental Development tax credit program can be a huge opportunity for companies to earn benefits from their R&D and innovation activities in Canada. In fact, the program doles out over $3 billion a year to qualified companies. As great as the program is, there are a few frustrations that surround it: Read more…

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