How to Use Oolyo Time Tracking to Maximize Your SR&ED Claim

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.

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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.

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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?

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Oh and if you need some help, here are some great experts in the field:

Love,

The OOLYO Team