The Canada Revenue Agency (CRA) offers two distinct services to those who want to obtain a ruling on their SR&ED tax incentive claim before they submit their application. The following article will discuss the similarities and the differences between the two services. What is the PCC? The PCC allows Read more…
What is the difference between “learning” and “advancement” when writing for line 246 in the T661? Line 246 of Scientific Research and Experimental Development (SR&ED) Investment Tax Credit (ITC) applications asks “What scientific or technological advancements did you achieve or attempt to achieve as a result of work described in Read more…
Does accidental SR&ED exist? Would a new process, or product discovered entirely by accident qualify for the SR&ED tax incentive program? Throughout the years, new innovations or inventions have been created sometimes as the result of an accidental discovery. Penicillin, a life-saving anti-bacteria medicine, was discovered when a scientist found Read more…
Things to look out for when completing the T661 form for SR&ED: If you have used a third-party claim preparer to help file your SR&ED claim, ensure you provide all the information that is requested. There is substantial paperwork to prepare when filing your taxes, including the forms required to Read more…
Properly tracking time spent by employees on SR&ED and non-SR&ED work is essential for any successful SR&ED claim; however, what method is most successful for time tracking? Ensuring your SR&ED claim is supported by contemporaneous documentation is crucial to whether it is filed as accepted, reviewed or denied. Keeping up with Read more…