Overview:
Our client is a small manufacturing company that produces custom-engineered products for a range of industries. The company had previously been eligible for the Scientific Research and Experimental Development (SR&ED) tax credit program, but had not fully maximized their credits due to a lack of understanding of the program’s requirements and deadlines.
Solution:
Our team provided SR&ED consulting services to help the manufacturing company understand the requirements and process for claiming SR&ED tax credits. We worked with the company to identify and document eligible projects, prepared and filed the necessary paperwork, and provided ongoing support and guidance throughout the process.
After the company’s SR&ED claim was submitted, it was selected for review by the Canada Revenue Agency (CRA). Our team worked diligently to challenge the CRA’s review and defend the claim, using our expertise and knowledge of the SR&ED program to argue for the acceptance of the claim as filed.
Results:
Thanks to our efforts, the manufacturing company’s SR&ED claim was accepted as filed, resulting in a significant reduction in their tax liability and an increase in their cash flow. Our client was extremely satisfied with the outcome and has continued to work with us on an ongoing basis to ensure they are taking full advantage of the SR&ED program.
In general, the majority of SR&ED claims that we support are accepted as filed, due to our thorough preparation and attention to detail. We are proud of our track record in helping companies like the manufacturing company in this case study maximize their SR&ED tax credits and receive the full benefit of the program.
Conclusion:
The SR&ED tax credit program can be complex and navigating the process of claiming credits can be challenging. However, with the right support and guidance, it is possible for companies to successfully claim SR&ED credits and receive the financial benefits of the program. Our team is dedicated to helping clients like the manufacturing company in this case study understand the requirements and process for claiming SR&ED credits and to maximize their claims.