What Your Accountant Doesn’t Know About SR&ED

If your accountant is handling your SR&ED claim, you may be leaving wrong sred accountantopportunities on the table to significantly improve your claim.  The fact is, filing an SR&ED claim is more of a technical exercise than an accounting exercise. In-house accountants may be qualified to handle the accounting aspects of the claim, but the key to maximizing your claim and having it approved, lies in proper tracking and definition of projects, a thorough understanding of what qualifies for SR&ED and technical documentation.

Accountants are simply not Engineers and may have little understanding of the technical aspect of SR&ED.  In short, accountants lack the required scientific and industry-specific knowledge to identify and document a SR&ED claim. Specialized consultants like Enhanced Capital Recovery are both Engineers and Finance professionals, trained specifically to handle SR&ED claims. Here is how professional SR&ED consultants can take your SR&ED claim to the next level.

Maximizing your claim

Through the SR&ED program, Canadian businesses can recover up to 65% of eligible expenses with various tax incentives—SR&ED consultants understand how all of the applicable tax incentives work and can make sure they are applied. Whether you own a dairy farm in rural Alberta or software development company in Montreal, your Enhanced Capital Recovery SR&ED consultant will have industry specific technical expertise to help maximize your claim.

The SR&ED landscape is constantly shifting with new rules and new opportunities being  introduced to enhance your claim. By staying up to date with SR&ED trends and news, SR&ED consultants are able to capitalize on these new opportunities.

SR&ED Consultants are industry experts

When you work with a SR&ED consultant, you are not only working with tax incentive consultants. SR&ED consultants have Engineering and Business backgrounds with matching expertise in everything from pharmaceuticals and chemicals to manufacturing and information technology.

Documentation is necessary when submitting a claim and the CRA expects industry-specific terminology and knowledge during the process. SR&ED consultants are able to document your claim to meet the CRA’s strict guidelines and standards.

Valuable industry partners

Experienced SR&ED consulting firms have developed networks and partnerships in industry.  For example, ECR has become one of Canada’s most trusted SR&ED consulting firms by forming valuable partnerships in industry. SR&ED consultants also stay on top of news and policy changes, allowing for up-to-date information and a smoother, quicker claims process.

If your claim was previously rejected, a SR&ED consulting professional will help you determine the reasons it failed. Enhanced Capital Recovery has worked with several clients in this situation and were able to adjust their claim and get it approved.

Post-claim support

SR&ED consultants provide ongoing support.  At Enhanced Capital Recovery, our client relationship doesn’t end when your tax credit is granted. Should the CRA review your claim, we will continue to support you through the entire process. We are also happy to work with you on future projects to determine SR&ED eligibility.

Risk-free consultations

Hiring a SR&ED consultant should not be a risk for your company.  In fact an SR&ED consultant can take the risk of loss of time and loss of resources out of your SR&ED claim process.  Working with ECR is risk-free—we don’t get paid until you receive a tax credit from your successful claim. There are no upfront or hidden fees and our services are based on a percentage of your credit.

Getting started with the right SR&ED consultants

All consultants at ECR are trained in SR&ED procedures and are skilled industry experts, but beware of other firms that contract work to technical writers or that may assign your claim to a junior consultant. We value all of our clients equally, no matter the services you require or the size of your business.

Please contact us about how ECR can assist your business today—let our SR&ED consulting professionals help you maximize your SR&ED claim while your accountant does the job that they do best.