SR&ED: How to Minimize Audit Risk & Maximize Your Claim
- Published
- March 29, 2023
- Topic
- SR&ED
Scientific Research and Experimental Development (SR&ED) tax incentives is a program offered by the Canadian government to encourage businesses to invest in research and development activities.
Essentially, if a Canadian business conducts eligible research and development activities, they can claim tax credits for a portion of the expenses incurred. These tax credits can help to offset the costs of research and development, making it more affordable for businesses to pursue innovative projects.
Co-hosted by Nikhil Rodye, Director at Easly, Welch LLP Partner and SR&ED expert Joshua Smith presented his expertise on How to Minimize Audit Risk & Maximize Your Claim, which took place on March 22nd, 2023.
You can view the full presentation below.
Think you might qualify for SR&ED? Try out the Welch SR&ED calculator and see what possible return you can get.
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March 30, 2022 – In a recent update to the Scientific Research & Experimental Development (SR&ED) guidelines (as of August 13th, 2021), CRA has provided a new set of guidelines to assess the eligibility of SR&ED work. These new criteria attempt to provide a ‘lens’ to view SR&ED through to help simplify the determination on whether or not work classifies as SR&ED.
The SR&ED Program & How to Determine Project Eligibility Series Part 5
October 13, 2021 – Was the overall approach undertaken for the purpose of achieving a scientific or a technological advancement? First, we should make note of what is considered an appropriate advancement for SR&ED purposes.
The SR&ED Program & How to Determine Project Eligibility Series Part 4
October 05, 2021 – Was the overall approach adopted consistent with a systematic investigation or search, including formulating, and testing the hypotheses by means of experiment or analysis?
The SR&ED Program & How to Determine Project Eligibility Series Part 3
September 29, 2021 – Was there a scientific or a technological uncertainty?
The SR&ED Program & How to Determine Project Eligibility Series Part 2
September 22, 2021 – An uncertainty relates to a result or objective, and whether that result or objective can be achieved based on available scientific or technological knowledge. A scientific uncertainty relates to science while a technological uncertainty relates to technology.
Documenting Your SR&ED
September 14, 2021 – Significant documentation should be recorded throughout the natural progression of your R&D to ensure you have created enough supporting evidence to satisfy CRA in the event of a review. This evidence will be used to support two aspects of your SR&ED claim: (i) the SR&ED work conducted; and (ii) the SR&ED expenditures claimed.
The SR&ED Program & How to Determine Project Eligibility Series Part 1
September 13, 2021 – In an effort to curtail this expenditure and, as a result, encourage R&D in Canada, the federal government has arranged support for appropriate R&D expenditures. Known as SR&ED, this tax incentive program aims to deliver consistent and predictable support to businesses across the nation.
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