STEP 1 - Determine if your work qualifies as "SR&ED"
Scientific Research & Experimental Development (SR&ED) Tax Credit
Most Canadian controlled private corporations performing “SR&ED” are eligible to receive a tax credit in cash equal to 64.325 cents on each dollar of eligible salaries for eligible employees and 32.163 cents on each dollar of eligible contractor payments.
To determine if your project meets the SR&ED eligibility criteria and to calculate the amount of the SR&ED credit refund, complete the following two CRA questionnaires or contact us and we will provide you with a complimentary evaluation:
STEP 2 - Estimate the amount of your SR&ED tax credit refund
In summary, your project qualifies as SR&ED if your answer “yes” to each of the following five questions:
- Was there a scientific or a technological uncertainty?
- Did the effort involve formulating hypotheses specifically aimed at reducing or eliminating that uncertainty?
- Was the overall approach adopted consistent with a systematic investigation or search, including formulating and testing the hypotheses by means of experiment or analysis?
- Was the overall approach undertaken for the purpose of achieving a scientific or a technological advancement?
- Was a record of the hypotheses tested and the results kept as the work progressed?
Our SR&ED Services
- We help you navigate through the complex rules and requirements under the SR&ED program.
- We take the uncertainty away from the filing process and have a time-proven methodology that minimizes the impact on your work schedule.
- We write the project description and compile the costs from information you provide us.
- We update the relevant tax schedules on your corporate income tax return to make a claim. We coordinate with your accountant to file the tax return with the CRA in prescribed manner. The filing deadline is 18 months from your fiscal year-end.
- We provide you with complete and proactive support during a potential CRA review. We have a reputation with the CRA for filing eligible claims within the letter and spirit of the SR&ED legislation. We work with the CRA reviewers in a cooperative and professional manner. Some of our consultants were former CRA reviewers.
- We provide training on gathering and maintaining proper cost and activity documents to support your future claims.
- We charge a success-based fee. You only pay us when you receive the tax credit.
We started working with Garri in 2013 with the intention of filing our SR&ED tax credit claim. Garri and his team handled our SR&ED claim with ease and offered to help us with the BC IDMTC claim. We had no previous experience with applying for the BC IDMTC. Garri was able to guide us, efficiently completing the application for registration and tax credit claim. After a site visit, the BC Ministry of Finance auditor approved the application and the Canada Revenue Agency allowed 100% of the tax credits claimed. I recommend the services of Garri Terzian, CPA to prepare BC IDMTC and SR&ED tax credit claims. Thanks to his expert knowledge and principled approach, we received a significant amount of cash injection into our business operations.
CEO of video game company in Vancouver
Garri and his team have filed five SR&ED tax credit claims for us to date. 100% of each claim was approved by the Canada Revenue Agency. Garri also introduced us to the BC Interactive Digital Media Tax Credit (BC IDMTC) program and assisted us in every step of the filing process from identifying eligible activities, preparing the application for registration, preparing the detailed costing schedules, gathering and keeping documentation in support of the claim and assisting us during the government reviews. During the review the government auditor said “the details in the costing schedules are the best I have seen”. The application was approved and the Canada Revenue Agency allowed 100% of the tax credits claim. I highly recommend Garri’s services to prepare SR&ED and BC IDMTC claims.
COO of video game company in Vancouver
I am the co-founder of Vancouver Full Indie, an organization for independent game developers with over 3,500 members.
During one of the monthly networking meet-ups, Garri approached me and asked if my game studio was claiming the BC Interactive Digital Media Tax Credit (BC IDMTC). We weren’t – my accountant told me earlier that we would not qualify and I didn’t question the matter further. Thankfully, I bumped into Garri, who specializes in IDMTC claims. He thought that my company was a perfect fit for the tax credit.
Garri acted quickly to file the application and because of his speed we were able to meet the deadline for applying. Because he is very familiar with the IDMTC process, Garri was able to make sure everything went smoothly. That same year I heard about a few studios getting their claims rejected, but ours went well due to Garri’s expertise.The BC Ministry of Finance approved 100% of the application and the Canada Revenue Agency allowed 100% of the tax credit claim after a detailed review.
I highly recommend hiring Garri to prepare BC IDMTC claims.
CEO of a video game company in Vancouver