In our first installment of “How to Choose a SR&ED Consultant“, we discussed the importance of industry experience and added bonuses like a software tracking system when deciding with which Canadian SR&ED consulting firm to work. We’ve put together a few more points to consider that may hopefully make the decision a bit easier.
One of the most important aspects of the relationship with your consultant is something not necessarily tangible – trust. Choose a firm you feel absolutely comfortable with or else it may be a bumpy road ahead. To do their job properly, and get you the maximum benefits possible, a SR&ED consultant needs all the information pertaining to the eligible activities. This could mean time spent, employee wages, other grants received and even proprietary information. If you don’t feel comfortable with the firm with whom you are working, it can be hard to give up that kind of content.
Look for a SR&ED firm that is willing to work with you year round. Whether through the tracking software or calls in to remind you of certain deadlines, dealing with your consultant throughout the year can lead to more trust on your part and better education about your business on theirs.
Just remember that a good consultant is there to help you – and they will do everything possible to get you the benefits you deserve.
There are a few different fee structures on the SR&ED market, mainly contingency, flat fee and per hour. Contingency, or a combination of contingency and flat, are the best bet. If a consultant is working on a contingency fee basis, they receive a percentage of the benefit you get back from the government. And they only get paid when you receive your tax credits.
They may know enough about SR&ED to submit a claim, but are they really plugged in to what’s going on in the community? There have been a considerable number of changes to the program lately, and more changes are slated to take place over the next few years. A consultant who lives and breathes SR&ED will know about these changes and how it will possibly affect your claim.
Choosing the right SR&ED consultant to handle your claim is a big decision and should not be taken lightly. Should you have any hesitations about SR&ED or choosing the right SR&ED consultants, call BeneFACT® Consulting Group and we’ll be happy to answer any questions.