SR&ED Program

Do It In Durham is in celebration of Global Entrepreneurship Week.  In Durham we have over 50 events happening to celebrate, inspire and motivate entrepreneurship.  There is a rich eco-system of support, funding and entrepreneurial resources for businesses.
The Scientific Research and Experimental Development Program, commonly known as SR&ED, is a tax incentive program offered by the Canadian government to companies that strive to innovate. The program aims to foster experimentation and technological advancement for the benefit of the Canadian economy. Most importantly, the SR&ED program provides market incentive for the creation of innovative products, services and processes.
 
The SR&ED program is exclusively managed by the CRA; however, most Canadian provinces have their own R&D tax programs. For eligible organizations, the additional provincial credits can be substantial.
 
The SR&ED program is among the most generous R&D tax incentives in the world, paying in excess of $4 Billion (CDN) to more than 20,000 eligible claimants every year. Based on program criteria, participants can receive significant cash refunds or tax credits to offset a portion of their qualified R&D expenditures.
 
While the program is generous in its application, the SR&ED filing process is extremely rigid and requires specific areas of expertise. To participate in the program, claimants must submit a SR&ED claim to the CRA within 18 months of their fiscal year end. Companies that fail to produce a properly documented claim by the deadline will be denied any tax credits. In addition to meeting the filing deadline, companies must show appropriate documentation and provide precise details while documenting claimed expenditures. With increased emphasis on program compliance, incomplete or poor submissions will not be approved by CRA administration.
 
As a result, a majority of claimants are discouraged by the rigid nature of the SR&ED program. Confusing legislation and time-draining report preparation can outright deter businesses from program participation.
 
Did You Know? 
Canadian taxpayers can recover up to 82% of their expenditures through federal and provincial R&D tax programs. Tax credits are dependent on company location, corporate structure, taxable income and taxable capital.
 
About the Presenter
 
Ajay has over 24 years top-flight management experience consulting and directing manufacturing, production, industrial, and R&D operations in North America. He is highly skilled in operations and business development of SR&ED program. He is a pioneer in the design and delivery of innovative change management programs that have generated millions of dollars in cost savings through redesign and internal operating, production and business processes. Ajay is an expert in facilitating change in a workplace to support re-engineering initiatives and meeting organizational operating, financial, quality and safety objectives. Ajay holds an Engineering degree from the University of Toronto and an MBA from Queens University.
 
BeneFACT Consulting Group is Canada's largest independent Scientific Research & Experimental Development (SR&ED) consulting firm. BeneFACT utilizes market-leading financial and technical expertise to ensure that companies maximize their SR&ED tax credits. With deep experience in General Manufacturing, Information Technology, Food & Beverage, Chemicals and Oil & Gas, Life Sciences & Biotechnology and other fields, BeneFACT is uniquely positioned to provide risk-free service to businesses seeking SR&ED tax credits.