YOUR COMPANY IS LOOKING FOR SR&ED FINANCING!
FUNDING YOUR SR ED TAX CREDIT - SR ED REFUNDABLE INVESTMENT TAX CREDIT FINANCING
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Financing & Cash flow are the biggest issues facing business today
ARE YOU UNAWARE OR DISSATISFIED WITH YOUR CURRENT BUSINESS FINANCING OPTIONS?
CALL NOW - DIRECT LINE - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs
EMAIL - sprokop@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
A SR&ED tax credits claim financeable. In fact, financing eligibility allows the business owner/ financial manager to 'stop the clock when it comes to closing the wait time to receive cash on your refundable tax credit. There are some solid reasons to ensure you can cut that wait time whether you finance your claim or not, so let's dig in.
ARE YOU FAMILIAR WITH THE SCIENTIFIC RESEARCH AND EXPERIMENTAL DEVELOPMENT PROGRAM - AKA ' SR&ED'!
For those that utilize the SR ED program to recover their research spend they are quite familiar with the basics of the program:
THE SRED PROGRAM IS AS POPULAR AS EVER
It's one of the largest, if not THE largest, program that supports business in Canada in a very straightforward way - CASH!
Billions are spent on tens of thousands of claimants every year.
KEEPING UP WITH CHANGES IN SR&ED CLAIMS
Major changes in the program occurred in the last few years with the idea of speeding up claims and the program's overall simplification.
LET 7 PARK AVENUE FINANCIAL HELP YOU UNDERSTAND HOW TO FINANCE YOUR REFUNDABLE TAX CREDIT CLAIM
We're focusing on the financing of SR&ED credits - therefore, you must understand some of the changes that evolved in the last several years. Canada itself has come under attack by business owners and pundits claiming that while billions are spent, innovations are suspect. We'll let the armchair quarterbacks debate that one; we're all for simply letting clients use the program and maximize the claim and speeding up that cash inflow from the actual credit.
SR&ED FINANCING APPROVAL IS EASY TO OBTAIN
For the approval and financing of claims, it’s all about carefully completing the program's actual documentation. Here the consultants that typically prepare claims focus on the technical uncertainty you attempted to address in your R&D. Qualified consultants know that certain buzzwords can either make or break your claim.
WORKING YOUR WAY THROUGH THE APPROVAL PROCESS FOR YOUR SR ED TAX CREDITS REFUND
While some claims, often for first-timers, are in fact audited, requiring more documentation from your firm, there are all sorts of government resources to ensure your claim is approved and refunded.
THE ROLE OF YOUR QUALIFIED SR&ED CONSULTANT
Aligning yourself with a credible SRED consultant is also key - They are responsible for documenting your scientific or technological breakthroughs! ..... and that’s also a factor in financing your claim - i.e. the knowledge that a credible party who documents your work on technological uncertainty via their experience specifically aimed at reducing uncertainty documentation around your work in r&d. Did your effort involve reformulating a new hypothesis at reducing something? These days, these folks are even required to divulge how much they are charging you to prepare the claim because of the recent legislation via Canada Revenue Agency CRA.
Documenting the eligibility of work spent by yourself and your team or contractors is a key part of the claim around developing your knowledge base and reducing or eliminating uncertainty. That careful examination of systematic investigation is key, and part of all work in the SR&ED area.
Did the effort revolve around formulating a new hypothesis, a typical question at the start of a claim analysis, as you focus on the current state of the r&d you are specifically working on? It's ' scientific method ' 101 as your work progressed through your spending.
HOW ARE SR&ED BRIDGE LOANS FUNDED
How then are claims actually financed? Our opinion is that the financing of the claim is much simpler than preparing one. The claim itself is the main collateral for the loan. Simple business application info on your firm ensures quick financing approval.
AN EXAMPLE OF A SRED LOAN
Claims are typically financed at 70% of the amt. of the total federal and provincial claim. The remaining 30% is essentially a holdback and is refunded in full when the government ultimately funds your claim.
No payments are made for the loan duration, and financing costs are also deducted from that final funding. Essentially you have cash flowed the loan; it’s as simple as that. Recent innovations in SR&ED financing include the ability to fund your claim before filing it, as well as having the potential to fund next year's claim... now!
CONCLUSION- THE RESEARCH AND DEVELOPMENT SR ED TAX PROGRAM
Want to Know More about SR ED INVESTMENT TAX CREDITS? Bottom line? Maximize the tools the government provides around challenges in technological advancement to ensure speedy processing of your claim. And if you want to stop waiting on the clock for receiving your refund, seek out and speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can assist you with your financing eligibility of your SRED tax credits.
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Stan Prokop
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