What is the general process when applying for the SR&ED tax credit?
There are essentially two components to consider when making a SR&ED tax credit claim. The first is to identify one or more SR&ED projects and write a project description. Within this project description, you must identify the technological advances, uncertainties and content. These three criteria must be discussed in the context of technology and not product development or business and marketing applications. The second component is to identify the eligible expenditures that qualify as SR&ED and give rise to the SR&ED tax credit. Once these are completed, federal forms T161 and schedule 31 must be completed and filed on time. Appropriate provincial SR&ED forms may need to be completed as well. While it can be a complicated process, the rewards are well worth it. To ensure your claim meets strict CRA guidelines, contact Techcentive Services Inc. (TSI) and get the SR&ED specialists on your side.
