For all of the new company founders and colleagues who are beginning to research the positive financial impact claiming SR&ED credits, this post is for you.SIGN UP NOW FOR YOUR FREE TRIAL
Let’s start with what SR&ED actually is and from there we’ll let you know how we can help get you set up to claim.
SR&ED stands for “The Scientific Research and Experimental Development Program”. It is a federal tax incentive program, administered by the Canada Revenue Agency (CRA), that encourages Canadian businesses of all sizes, and in all sectors to conduct research and development (R&D) in Canada. It is the largest single source of federal government support for industrial R&D.
The SR&ED Program gives claimants cash refunds and/or tax credits for their expenditures on eligible R&D work done in Canada.
One of the big challenges for new companies wanting to file for SR&ED is tracking what you’ve been doing and how long it’s taken. Then the challenge becomes reporting your hours to your SR&ED claims expert for them to verify your claimed advancements and submit them to the Canada Revenue Agency.
If you’d like to read more about SR&ED, this guide from Boast Capital is a perfect place to start: http://bit.ly/1DR3PKT
So how can we help?
Oolyo online time tracking software is much more than a regular timesheet or excel spreadsheet. It allows you and your co-workers to input time and tag any time worked on projects that may be eligible for SR&ED. Not only that, it’s easy and fast to enter any notes that may be of importance for your SR&ED consultant to review.
- Automate and easily track labour time and costs associated with projects eligible for SR&ED.
- Justify SR&ED tax credit claims to CRA reviewers with documentation and reporting.
- Ensure your organization receives the tax credits to which it is entitled.
- Implement the tools and methods used by successful claimants.
Want to get started on your SR&ED filing?Get Started
Oh and if you need some help, here are some great experts in the field:
The OOLYO Team