Contact Chris Stevens / cstevens@iwasan.com 1-866-497-2811




 
Indicators of Eligibility for Federal refundable tax credits at 35% of development costs
  • Your firm is a Canadian Controlled Private Corporation
  • You have spent money in the corporation on a development project
  • You qualify for the Small Business Deduction
Indicators of Eligibility for Federal tax credits at 20% of development costs
  • Large Corporation over $700K taxable income (not total income)
  • Non-Canadian ownership
  • Public Company
  • You have spent money in the corporation on a development project
 
Does the project meet all three of the eligibility criteria?
  • Technological advancement in your business
    (You have discovered a way to achieve something or discovered ways that do not work)
  • Technological uncertainty must exist
    (You are unsure if it can be achieved, or, you unsure how it might be achieved)
  • Experimental trial and error process must be followed
You need help evaluating your projects
  • Via a short telephone conversation, Iwasan will determine if your project qualifies. There is no charge for this.
You are confident of your SR&ED project eligibility
  • You have made successful claims before
  • You are doing basic or applied research
 
How much can we get back?
  • Via a short telephone conversation, Iwasan will estimate the amount of your refund. There is no charge for this


What kind of help do I need to make an SR&ED claim work?
  • Iwasan offers technical report writing, financial claim preparation, and claim administration services with flexible fee structures

Technical Report Writing Full Claim Preparation to Claim Completion Review and Assist as Required    
  • Iwasan works with some companies on an ongoing basis supporting their SRED application with report writing only
  • Iwasan prepares all documents necessary, including technical reports, project costing, and tax return schedules
  • Iwasan works with CRA officials and monitors the claim as it progresses through the system
  • Iwasan can review and edit reports you have written or review project costs that you have developed
  • We can assist during science or financial reviews
What are the fee choices?
  • Contingency fees
  • Fixed fees
  • Hourly rates

For more information about fees, contact Chris Stevens at 1-866-497-2811 / cstevens@iwasan.com.


Service and Fee Proposal
  • Iwasan will provide you with a written fee proposal. There is no charge for this.


A Contract and Fee Schedule have been agreed to and signed
  • You are ready to start the claim preparation process
A Technical Specialist will interview you to prepare the Technical Reports Your Claim Manager will put together the project costs and compile the claim for filing
 
SR&ED Applications are included with a corporation's tax return
  • Iwasan can work with your corporate accountant to include it with the current claim, or
  • Iwasan will use our own CA to amend a previously assessed tax return


Your SR&ED Application is ready to file
  • Applications must be filed within 18 months of your fiscal year end
  • The application is filed with or by amending the tax return
  • Claims take between 2-8 months to process
  • A refund cheque is issued for the refundable tax credits and/or a statement of credit balance is issued for non-refundable tax credits
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Your claim is ready to be filed at CRA
Processing times vary:
  • 120 days for currently filed tax return
  • Up to 240 days for claims for prior years



Will our claim be audited?
  • There are two types of reviews; science and financial. You may see one or both of the reviewers. Alternatively, your claim may be processed on a desk review basis without hearing from CRA.



A proposal letter or final letter will be received from CRA
  • Confirmation of the amount approved



Notice of Assessment or Reassessment
  • Within 3-4 weeks of the final letter



REFUND CHEQUE
  • Cheques usually arrive 1-5 days after receiving the Notice of Re/Assessment
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