SR&ED Process with Canada Revenue Agency
Revenue Services Group understands and works closely with Canada Revenue Agency (CRA) to process and complete your SRED claim. In fact, some of our SRED specialists previously worked for Canada Revenue Services reviewing and approving claims.
So, in addition to knowing what activities qualify for refunds and tax credits, our SRED experts are able to develop, process and complete your claim efficiently and with minimum demand on your staff.
Here’s how your SRED claim process works with Revenue Services Group and Canada Revenue Agency :
Step 1. We meet at your place of work to determine and explain which of your company’s activities qualify for SRED refunds. We also make a preliminary assessment of the size of credit that you may receive.
Note: SRED Tax Credit Claims must be submitted within an 18-month window after each fiscal period.
Step 2. If we identify expenditures that qualify for SRED refunds, we arrange a short meeting with key personnel to gather information to support our claim.
Revenue Services Group specializes in identifying ‘business as usual’ activities that qualify for SRED refunds. This translates into unexpectedly large refunds or tax credits.
Apart from returning you a large SRED refund, our main objective is to limit your staff time committed to the claim preparation. We typically require only a small number of clarification e-mails and a final verification the description of the work your company performed is accurate.
Step 3. Our specialist team builds your claim (away from your office) for maximum SRED refunds.
It’s how you say it. As one of Western Canada’s most experienced and respected SRED tax credit claim advisory, we build a strong and convincing tax credit claim for you in strict conformance with Canada Revenue Agency’s guidelines. Our detailed, comprehensive understanding of all aspects of Canada Revenue Agency’s interpretations of SRED law means that we know what Canada Revenue Agency will accept and what they won’t.
We prepare all aspects of your claim submission. Should you want your accountant to be involved in the process, it is during this stage.
Step 4. We review the claim with your team before submitting it to the Canada Revenue Agency.
This is usually a quick process that can be conducted via e-mail or in person at your place of business.
Step 5. Canada Revenue Agency reviews our submission.
While Canada Revenue Agency frequently accepts our claims as filed, they do have a fiduciary responsibility as the incentive program’s managers to personally visit some claimants to verify the claim’s accuracy. If Canada Revenue Agency poses any concerns, we’ll work with them to clearly demonstrate your claim qualifies for tax refunds in accordance with the SRED law and guidelines.
Step 6. Once your claim is approved, you receive a tax credit or refund cheque.
Revenue Services Group works with first time claimants on a contingent fee basis so as to limit your commercial risk. As a result you only pay us when you receive a tax credit or refund cheque. And because we work on a contingent fee basis, we only contract with companies that we are confident will receive a tax credit or refund cheque.
With experienced claimants Revenue Services Group works on a flat or contingent fee. Either way, we guarantee you’ll see value.
Step 7. After the initial claim
After the initial claim, our claim preparation team leader works with customers to educate employees and institute a system for identifying and recording SRED eligible activity in subsequent years.
Our research and development experts are available to provide input into current development projects.
And our finance and tax team discuss strategies with your senior management for increasing SRED refunds and reducing tax expenses.
We specialize in identifying “business as usual” activities that qualify for SR&ED refunds and tax credits.
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ADDITIONAL NET INCOMEFunding & Tax Credits