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EMC SR&ED
Here I go again stating the obvious, but I think it's worth repeating: one of the great advantages of being part of EMC, whether as a member or as part of the EMC staff, is that we get to see and hear about many great manufacturing practices, many of them being Best Practices, World Class etc. As an extension of this, you also get to take these practices back to your plants and we get to pass them onto those that may not have had a chance to observe them.
For me, since my primary role revolves around the SR&ED program, it's those SR&ED related practices that I see and hear about that I then get to pass on. Attendance at SIG's, during plant visits, at the SR&ED Seminars and talking to SR&ED experts is where I pick up these tips and practices.
So, here is the "TOP 5 List" of best practices related to SR&ED that I have come across in the past year.
i) When budgeting expenses for Innovation, Product and Process Development and…
The Jenkins report outlines 6 recommendations and How To Prepare for an SR&ED Review.
Earlier this week an article was published in the Globe & Mail written by Tom Jenkins, the chief executive officer of Open Text, and chair of the Expert Panel - Review of Federal Support to Research & Development. "The charge given to the panel was to provide advice about the effectiveness of federal programs to support business and commercially oriented R&D, the appropriateness of the current mix and design of these programs, as well as possible gaps in the current suite of…
Thanks to our friends at Northbridge Consultants, here are the answers to 4 frequently asked SR&ED questions.
| I came across the following article in one of Northbridge Consultants newsletters. I just thought I would pass it on since I think there is some really interesting content in it. Thanks to our friends at Northbridge for allowing me to borrow this.
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| Frequently Asked Questions About the SR&ED Program Even some of our clients who have been working with us for years have questions occasionally about the SR&ED program. Here are some of the more common questions that… | |
September 27, 2011
Utilize your Business Systems to capture your SR&ED-eligible Activities
Many manufacturers use software applications to capture hours attributable to projects. A good SR&ED consultant will ensure your programs are "SR&ED-friendly" by assisting with modifications to enable your system to capture data for all eligible time and materials. This service, coupled with ongoing education, will ensure that none of your eligible activities are missed, and initiate the transition to a culture of innovation within your company.
For firms that do not have a means of…
You have just completed filing your SR&ED claim for last year’s projects and associated expenses; now you can drop your shoulders and get on to all those other things you need to be doing; that SR&ED job is done for another year !!
Well that is probably not the best approach and one that is very likely to cause you to miss a significant portion of the work you do that is eligible under the SR&ED Tax Credit/Refund program.
You have just completed filing your SR&ED claim for last year's projects and associated expenses; now you can drop your shoulders and get on to all those other things you need to be doing; that SR&ED job is done for another year !!
Well that is probably not the best approach and one that is very likely to cause you to miss a significant portion of the work you do that is eligible under the SR&ED Tax Credit/Refund program.
Your success and ability at realizing the maximum amount of…
Some examples of SR&ED-eligible activities that you may not have considered, and how to ensure they qualify.
Canadian-owned manufacturers are entitled to tax credtis and refunds totaling up to 72.7 percent of the labour costs associated with their SR&ED-eligible projects. And foreign-owned manufacturers in Canada are eligible for up to 39.4 percent of these same costs as a tax credit. With this in mind , I am often asked "so just what projects do qualify?"
The obvious ones we always talk about are trials to develop products and iimprove products or process capability. But you must also coinsider…
For companies with a December 31 year end the SR&ED filing due date is fast approaching.
With the majority of companies having December 31 as their year end and CRA having an 18 month filing due date for SR&ED claims, June 30, 2011 is the absolute latest for filing 2009 projects. So for those of you that have not put your claims together yet, time is running out quickly and you DON'T want to miss this opportunity to get a significant portion of your SR&ED eligible expenses back.
Generally when companies are looking for their SR&ED eligible projects, there is a tendency to just look within the 4 walls of their own facilities. This of course is the most obvious place to look and probably the one that will drive the largest benefit, but very often in business it is also about finding smaller opportunities that can make a significant positive difference.
Generally when companies are looking for their SR&ED eligible projects, there is a tendency to just look within the 4 walls of their own facilities. This of course is the most obvious place to look and probably the one that will drive the largest benefit, but very often in business it is also about finding smaller opportunities that can make a significant positive difference.
So where else might a company look to find benefits from the SR&ED tax credit program? Well, how about all…
All businesses that operate in Canada may be eligible for tax credits (and/or money) for their innovations under the Scientific Research and Experimental Development Program. The program has been in place for over 25 years and awards approximately 4 billion dollars to businesses annually - so if you're not taking advantage of it the chances are that your competitor is.
Your eligibility is dependent upon meeting three criteria. Your innovations must demonstrate that technological advancement…
If you are thinking that you are in an industry that “just does not qualify or does not have projects that will Qualify” for SR&ED, you may want to think again!
If you are thinking that you are in an industry that "just does not qualify or does not have projects that will Qualify" for SR&ED, you may want to think again! Here is a list of the many types of Manufacturing Industries that do. And please note, the list does not necessarily cover all those that may be eligible.
Dental Pharmaceutical
Chemical Computer Sciences
Design & Construction Electronics and Optics
Plastics and…
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