A major piece of advice we regularly give to our clients is to get educated on the SR&ED program. More often than not, our clients respond by saying something like, “Isn’t that why we’ve hired you?” Our answer to that question is “Yes, however….”. “Yes” relates to the fact that MCN will handle the preparation [...]

In our practice we find that at times clients don’t fully understand why after claiming SR&ED investment tax credits the cheque they receive from the government or the amount of available tax credit carry forward is different from the amount claimed. To understand this, let’s look at SR&ED differently. Instead of exploring how SR&ED is [...]

It is common knowledge that a company has 18 months following their fiscal year end to submit a claim for SR&ED Investment Tax Credits (ITC). The claim can be submitted concurrently with a T2 or filed later as an amendment. However, the time you will wait before receiving your SR&ED ITC or cash depends on [...]

The number one piece of advice we give to our clients with respect to the Scientific Research and Experimental Development (SR&ED) program is to treat the Canada Revenue Agency (CRA) as a Customer. The reason for this is quite simple: Return on Investment. At the end of the year, the CRA will provide your company [...]

“The third claim has to be less than the second claim, but more than the third….” “You aren’t supposed to claim all of your SR&ED eligible work in the first year….” “If my first claim is audited, they won’t accept any subsequent claims….” Over the years, we have heard all sorts of different reasons as [...]