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Maximizing SR&ED - Does Your Accountant Have an Engineering Degree?

Guest post by: Tim Robertson

Article Overview: Your accountant knows your business very well, and will be happy to fill out the SR&ED Tax Claim forms that Revenue Canada requires. You may be leaving a lot of money on the table by doing this though.

Maximizing SR&ED - Does Your Accountant Have an Engineering Degree?

As professional and skilled as your accountant is, he or she is not an engineer. And the Canadian Institute of Chartered Accountants (CICA) has stated that SR&ED tax credit expertise is not supported by the "core curriculum" of the C.A. designation. Where an accountant sees a chair, an engineer sees the arms, seat, the legs, joints, adhesives and hardware that join these components, as well as all of the processes and materials that go into each one of these elements. Your claim can be up to 200% more with the insight and technical experience a SR&ED engineer introduces to the process. You are only allowed 1500 words on the SR&ED t661 tax claim form to completely express the details of your research, and within this restricted explanation you must convince the CRA your claim is valid. More often than not the companies seeking a full SR&ED tax claim are shortchanged by the quality of this section on the tax form - no matter how valid their tax claim may be. On top of that, defending a claim can be time consuming and cost as much as the claim itself. CRA personnel are becoming more demanding about what must be on the form, and this is causing many companies to reassess how they approach the details in this document. Equally concerning is some CRA personnel are not indicating what parts of the application are not sufficient. The applicant's only course of action may be to try and defend the claim. Consider engaging a qualified SR&ED engineer to assist your accountant with your claim. You want a SR&ED engineer who has over 10 years engineering experience in the field. Qualified SR&ED engineers have filled out hundreds of SR&ED tax claims, and have a less than 1% error rate. With a 99% success rate, you can be pretty certain your claim will be successful. That means an excellent ROI for the time and energy spent to put it together in the first place.

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Article Tags: accountant, claim forms, engineering degree, money, revenue canada, sr and ed, sred, SRED, sred, tax claim, tax credits, tax refund



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