Preparation of an SR&ED claim is comprised of three components as follows:

Technical Project Documentation

Financial Review & Documentation

Taxation Schedules, Forms & Filings

Each of these components is prepared and compiled into a complete Research Investment File to support claims prepared and submitted under the SR&ED Program. This document supports the eligibility of any technical activities and the associated costs that have been incurred.

CRA receives over 18,000 claims annually, providing over $2.6 Billion in cash refunds and tax credits each year as incentives for businesses performing eligible research and development activities. CRA employs stringent guidelines in reviewing claims submitted under the SR&ED program, and often companies who are claiming do not receive their full entitlements due to underestimation of eligible costs and / or insufficient documentation of projects.

Please download our brochure to learn more about the program and how we can assist you in accessing the cash refunds and / or tax credits that you are entitled to. You will require Adobe Reader to view the document

Technical Project Documentation

WHEY R+D Technical staff work closely together with our clients’ operational and technical personnel to assist in the identification and documentation of activities within the enterprise that fit the SR&ED provisions of the Income Tax Act. WHEY R+D staff then prepare a science report summarizing each project on behalf of the client that will accompany the filing submitted to CRA.

SR&ED is a systematic investigation or search that is carried out in a field of science and/or technology by means of experiment, analysis, and/or modification. This investigation must encompass the three criteria for eligibility as set out by CRA as follows:

Section 248 of the Canadian Income Tax Act provides the following categories of eligible research activities under the SR&ED Program, illustrated as follows:

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Financial Review & Documentation

WHEY R+D Financial Staff work together with the client’s accounting personnel to identify and quantify expenditures associated with activities that match the SR&ED provisions of the Income Tax Act. WHEY R+D staff prepare the necessary costing schedules, linking and computing costs of relevant technical work that has been undertaken.

Qualifying expenditures may include:

In Atlantic Canada, companies performing qualifying R&D activities may be entitled to cash refunds and/or tax credits up to the following limits

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Taxation Schedules, Forms & Filings

WHEY R+D staff, in coordination with Whey & Whey, Chartered Accountants, prepare all schedules and forms required for insertion into the corporate tax return, or for the purpose of separate claims made under the SR&ED program for prior years. This includes completion of the following forms:

Review of the corporate tax return may also be requested to ensure proper documentation of all reported deductions associated with the SR&ED claim is correct, and that calculations included in the required forms are supported in the Research Investment File.

Following the filing of any claim, WHEY R+D staff will monitor its progress until it has been processed, maintaining regular contact with CRA personnel. This practice is critical in order that we can keep abreast of any arising issues or actions that CRA may initiate regarding any claims that have been submitted on behalf of WHEY R+D clients.  We are therefore also aboe to keep clients informed of the progress that their claim is making during the processing phase.

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