MNP's SR&ED services
While an SR&ED claim can be made up to 18 months after your business’ year-end, the sooner you get started, the better. Working with you one-on-one, your MNP advisor can consult with you at any stage of the process to learn more about your business and identify potential SR&ED opportunities. We can also advise you on other potential tax credit programs that may benefit your business.
The following are just a few key areas where we can help you get the most from the SR&ED program:
- Identifying Eligible SR&ED Projects. If your organization is innovative with its systems, processes or products, you may be eligible for the credit. SR&ED encourages Canadian taxpayers conducting business in any industry sector to invest in SR&ED in any of three categories: basic research, applied research and experimental development. MNP’s advisors can help you determine which projects and related costs qualify.
- Developing Accurate Project Descriptions. Capturing all the information you need when preparing your SR&ED claim can be a time-consuming process. Your MNP advisor can assist you by developing sound technical descriptions of your SR&ED activities and preparing any necessary returns and documentation to support the financial review.
- Reviewing Your SR&ED Claims. If you prefer to prepare your own claims, MNP can review your technical descriptions to confirm they are complete and that all eligible activities have been identified. We can also review your financial statements and financial information to verify all of your eligible expenditures have been included.
- Training Your Team. MNP can provide your staff with valuable information on how to identify eligible projects and activities, prepare technical reports, and set up a control system for filing SR&ED reports and supporting financial data.
- Participating in CRA Reviews. Having your claim reviewed by the Canada Revenue Agency can be stressful. Your MNP advisor will be there to help you prepare for meetings and provide support during discussions. We also work closely with federal and provincial tax authorities to ensure both parties understand the process you used to conduct SR&ED. Through our in-depth knowledge of tax-related rules and regulations, we can help justify the validity of your claim’s scientific and financial basis.
- Strategic Tax Planning. SR&ED tax credits can have a significant impact on your bottom line, making accurate and comprehensive tax planning especially critical. To help you structure your SR&ED activities for maximum benefit, we can:
- Conduct a cost-benefit analysis of new SR&ED projects
- Review how you may enrich your SR&ED tax benefits through additional planning
- Review your contracts to ensure your business is entitled to claim any related SR&ED benefits
- Analyze how you can maximize your SR&ED overhead cost allocation
- Review your mix of international SR&ED projects in light of tax benefits granted by various countries
- Assist in negotiating and resolving disputes with tax authorities
To find out what MNP can do for you, contact your local tax advisor or Ryan P. Mackiewich, CA, SR&ED Practice Leader at 1.877.475.5678