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Financing & Cash flow are the biggest issues facing business today
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7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Direct Line = 416 319 5769
Office = 905 829 2653
Email = sprokop@7parkavenuefinancial.com
A ' Shred Credit ' is one sure fire way of completing the SR&ED cycle when it comes to that ' goal line' feeling of accessing your well deserved r&d refund. So let's ' hack' our way into some solid program tips and secrets around sr ed cash flow success, including our best tip : finance your claim! Let's dig in.
There's no doubt that your portion of the 2-3 Billion refunded annually in CRA's ' SR&ED ' (Scientific Research and Experimental Development) program is well deserved and a legitimate and valuable business expense recovery. It's safe to say your competitors are also lining up for their fair share.
Investing in the ability to improve your products and or processes clearly is a win/win for any firm, improving chances of sales and profits. No where in business life, the expression ' timing is critical 'is more important than the SHRED Credit process, which has many important timelines that can't be missed. While some of those deadlines might not necessarily impact your ability to finance your claim, it's a sure thing scenario that they might well slow down your ability to get your refundable tax credit approved.
Key timelines include of course filing your claim within the governments prescribed limit for you to actually file coincident with your fiscal year end. At this point you also will be co coordinating the actual filing with your accountant and your SR&ED consultant -those folks that typically prepare the majority of claims.
While the majority of SRED claims do, in fact, involve those consultants, it's typically because the ED consultants cover the risk and cost borne with preparing claims. These folks have certainly taken the heat on their fees, but times have settled down, it seems.
Most top experts agree that a solid SR&ED claim depends more on technical expertise than financial or accounting smarts.
Given that all business loans have interest/financing costs attached to them, one can see the importance of both maximizing your refund via its quality, as well as filing as quickly as you can. Financing costs associated with a SR&ED loan can then be minimized. SHRED Credit loans rarely last a year and are often shorter, and... by the way... can be repaid at any time in whole or part.
Any size business from startups to larger firms can finance their claims- including by the way startups, partnerships, and even individuals.
The financing of a refundable R&D tax credit is a basic process. Key collateral? The SHRED! The quality of the claim is a natural consideration for financing - therefore the importance of either your previous filing experience with the program or the general reputation of your SR ED preparer.
Typical other documentation in a SR ED Cash flow loan is general business info, your financials, and info/overview on owner’s mgmt. If other secured creditors have claims on your business, it's critical to ensure that the paperwork around the SR ED can properly have the refund as collateral.
‘How much can we get? ‘is our clients typical question around a bridge loan for their tax credit. The answer? The vast majority of claims are financed at a 70% loan for sred value ratio. That of course is for the combined full value of your fed/prov refund. Loans typically take a couple weeks to fund.
If you’re looking to ‘ log in’ to the benefits of a ‘ shred ‘ credit loan seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your SR ED cash flow needs.
Stan Prokop
