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| 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
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| Indicators of Eligibility for Federal
tax credits at 20% of development costs |
- Large
Corporation over $400K taxable income
- Non-Canadian
ownership
- Public
Company
- You have spent
money in the corporation on a development project
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| Does the project meet all three of the
eligibility criteria? |
- Technological
advancement in the business setting
- Technological
uncertainty must exist
- Experimental
process must be followed
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| You need help evaluating your
projects |
- Iwasan will
perform a technical evaluation of projects. This evaluation is conducted by
technical experts with backgrounds in various areas of science
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| You are confident of your SR&ED
project eligibility |
- You have made
successful claims before
- You are doing
basic or applied research
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| How much can we get back? |
- Iwasan will work
with you to determine your potential claim
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| Project
evaluation |
- Iwasan will
present you with an estimate of the claim value and confirm the eligibility of
the project
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| 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
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| Technical Report Writing |
Full Claim Preparation to Claim
Completion |
Review and Assist as Required
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- Iwasan works
with some companies on an ongoing basis supporting their SRED application with
report writing only
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- 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
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- 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
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| What are the fee choices? |
- Contingency
fees
- Fixed
fees
- Hourly rates
For more
information about fees, please call Peggy or Chris at
1-800-661-4463 |
| Service and Fee Proposal |
- Iwasan will
provide you with a client-specific proposal for our services depending on your
needs and fee preferences
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| A Contract and Fee Schedule have been
agreed to and signed |
- You are ready to
start the claim preparation process
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| A Senior SR&ED Specialist will be
assigned to manage your claim and will contact you to conduct an initial
interview |
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| A Technical Specialist will prepare the Technical
Reports |
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Your Claim Manager will put together the project
costs and compile the claim for filing |
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| 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 4-8 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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| A Senior Consultant will be assigned to
your file and contact you to conduct an initial interview |
In a 30-60 minute
conversation, the consultant will
- get an overview
of the projects
- cover
administrative issues
- establish a
plan to write technical reports and gather financial information
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| A Technical Specialist will prepare the Technical
Reports |
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Your Consultant will put together the project costs
by: |
- This involves an
initial 60 minute interview followed by emails.
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- Determining eligible
costs
- Obtaining supporting
documents
- Compiling
spreadsheets
- Preparing tax
schedules
- Organizing back-up
documentation
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| SR&ED Applications are included with
a corporation's tax return |
In a 30-60 minute
conversation, the consultant will
- 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
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| Your claim is ready to be filed at
CRA |
Processing times
vary:
- 120 days for
currently filed tax return
- 180-240 for
claims for prior years
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| 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.
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| A proposal letter or final letter will
be received from CRA |
- Confirmation of
the amount approved
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| Notice of Assessment or
Reassessment |
- Within 3-4 weeks
of the final letter
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| REFUND CHEQUE |
- Cheques
arrive 1-5 days after receiving the Notice of Re/Assessment
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