The Process
Randwell Consulting Group’s technical and accountant partners can advise and guide a client on all practical issues that are relevant to an SR&ED claim.
Our engagements are confidential, and our expertise in both, various technologies and the most current financial criteria of the SR&ED program allow us to work with you quickly and effectively to minimize the time it takes for your company’s personnel to provide the information required to prepare the claim.
What is SR&ED
Click on the link below and get more info about the Scientific Research and Experimental Development tax incentive.
The Process
Randwell Consulting Group’s technical and accountant partners can advise and guide a client on all practical issues that are relevant to an SR&ED claim.
Our engagements are confidential, and our expertise in both, various technologies and the most current financial criteria of the SR&ED program allow us to work with you quickly and effectively to minimize the time it takes for your company’s personnel to provide the information required to prepare the claim.
What is SR&ED
Click on the link below and get more info about the Scientific research and experimental development tax incentive.
Financial incentives you can expect
The Revenue Canada’s Scientific Research and Experimental Development (SR&ED) Tax Credit Program is a Federal and Ontario Government incentive program designed to subsidize the cost of developing and designing various applied technological processes, systems, and products.
The SR&ED program is a major source of industrial R&D funds in Canada. It is available to all Canadian-owned corporations that have spent money on qualifying technological
activities in Canada in the areas of Manufacturing, IT, Printing, Chemical, Biotechnological, Food, Design, and other industries.
The expenses reimbursed by SR&ED typically include wages (payroll) of the employees involved in experimental development, cost of the materials consumed in the process of experimental development, and certain other items.
Schedule a free consultation for our consultants to understand the potential of your SR&ED claim.
A Randwell consultant with expertise in your business area will be assigned to your company, collect pertinent information, and work with you to prepare detailed technical documentation on your project(s) in accordance with the government guidelines.
Randwell’s accounting expert will work with you to collect financial information and costs pertaining to your projects and compile schedules and tax forms required in support of your SR&ED claim.
Randwell will then submit the SR&ED claim on behalf of your company and help you navigate the process until you receive your credit cheques.
Receive your SR&ED tax benefits! Randwell only gets paid if your claim is successful.
How we get paid
We assist companies to obtain SR&ED funding on a contingency basis. That is, we do not charge any upfront fees and get paid a percentage of what you get. You do not have to pay us unless you receive your cheque in the mail.
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Frequently asked questions
SR&ED claims must be submitted within an 18-month window after each fiscal year end. For instance, if your company’s fiscal year ends on December 31 2018, then June 30 2020 is your deadline for filing your 2018 SR&ED claim. If your projects qualify, you will be eligible to file two SR&ED claims immediately by June 30 2020, one (retroactive) for 2018 fiscal year and one for 2019 fiscal year. You will then receive government cheques for both fiscal periods at the same time.
Yes, as long as your work activities qualify, you may submit SR&ED claims year after year, for an unlimited period of time.
If the T2 Corporate Income Tax and SR&ED claim forms are filed simultaneously, you will receive your cheque within 3-4 months. However, if you file your T2 and SR&ED claim separately, you will likely receive your cheque in 6-8 months. As a result, it is generally recommended to apply for SR&ED simultaneously with your corporate income tax submission.
Refunds depend on several factors, including the technological strength of the projects and your qualifying R&D expenses. Government refunds for Randwell’s clients average between tens to hundreds of thousands of dollars per year.
No. The purpose of the SR&ED review is only to examine information relating to your SR&ED claim, not to examine other aspects of your business.
No. Both, CRA employees and Randwell’s consultants have a legal obligation to treat all your technical and tax information confidentially. We typically sign a Non-Disclosure Agreement prior to working on your claim.
You will recover a significant portion of their research and development costs:
– 68% of salaries;
– 42% of contract payments and materials consumed or transformed.
Email Randwell Consulting Group for inquiries at sredinfo@randwell.ca or call us at 416.477.5566 for your free consultation.
Randwell Consulting Group
4580 Dufferin Street, Suite 401
Toronto, Ontario
M3H 5Y2