Your Development Project Failed, Now What?
Do you still qualify for SR&ED? One of the common misconceptions about the SR&ED program is that your projects need to be successful to be eligible. In actual fact, projects that have failed often make the best type of SR&ED projects, as they fundamentally meet one of the three eligibility criteria; Technical Obstacle.
Failures are common on the path to technical advancement. Understand and document the failure and all failed methods or attempts. Record what you attempted to do, and what happened as a result. Learn from the failure and then file a SR&ED claim outlining all associated costs of doing that work, if it qualifies. The program allows for these failures to be eligible as an incentive for the government to help reduce the burden of risk on companies who strive to develop new products and processes by reimbursing them for their efforts.
Don’t let your tax credits go to waste. Contact us today for more information on how BeneFACT can maximize your SR&ED claim.