Tax Specialists

Leveraging R&D Incentives

Banhall is a firm specialized in tax credits claims for scientific research and experimental development (SR&ED)

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What is SR&ED?

  • The Scientific Research & Experimental Development (SR&ED) program is the largest source of funding by the Canadian government to encourage innovation in the form of income tax credits for businesses
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How can the SR&ED program benefit my company?

  • The government recognizes that innovation is an expense that does not deliver immediate return on investment. In order to incentivise domestic businesses to remain competitive, you may be able to deduct SR&ED expenditures to reduce your tax bill.
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What kind of work qualifies as SR&ED expenditures?

  • Experimental development
    • Work that is done to achieve technological advancement. This means creating new, or improving, existing: products, materials, processes, or devices
  • Applied research
    • Work that is done to advance scientific knowledge with practical application
  • Basic research
    • Work that is done to advance scientific knowledge without practical application
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What expenditures can I claim?

  • Salaries
  • Materials
  • Contracts that count as SR&ED work
  • Lease costs of equipment for the purposes of SR&ED
  • Overhead (either by traditional or proxy methods)
  • Third-party payments
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Work that is not SR&ED eligible

  • Market research or sales promotion
  • Routine testing
  • Social science & humanities research
  • Commercial production of a new or improved material, device, product, or process
  • Routine data collection
  • Style changes
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Whom can apply?

  • Most companies are eligible for SR&ED if they are working on creating a new, or improving, an existing: material, device, product, or process. The condition is that the endeavors are done by generating information or knowledge to advance their technological knowledge base – regardless of success or failure of experiments.
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Is there a deadline for SR&ED application?

  • The SR&ED program is administered by the CRA and they have set a deadline no later than 18 months after the fiscal year end of which qualifiable SR&ED work was undertaken.
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How do I make a claim?

  • Creating a valid SR&ED claim can be challenging. This is where Banhall Consulting can help you. We handle all technical and financial elements of a claim to ensure there is enough evidence to present to the CRA for an ITC refund.
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PO Box 42109 RPO Guildford
Surrey, BC V3R 1S5    
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bjohal@banhall.com
604-496-1557 Ext 9359

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