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7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Financing SR ED tax credits is the final ' connecting dot ‘in your firms’ journey in Canada’s SR&ED r&d refund program. We're examining the SRED Tax Credit Loan; it makes a strong case against waiting for your refund. Let's dig in.
One of the SRED program characteristics s that despite providing billions in funding for thousands of firms in Canada, the amounts range from claims from 50k up to 1 Million $ +. For firms like yours that invest in R&D that investment can be a significant portion of your costs.
While R&D is to a certain point discretionary the reality is that today's competitive environment forces you maintain the maximum investment you can. SR&ED financing certainly assists you to plough back your maximum given that waiting for your refund is eliminated - cash flow is accelerated under the loan.
While the program's real objective is to reimburse you for your R&D capital costs, it seems logical that many firms wouldn’t take advantage of the program if they couldn’t recapture a large part of their cash flow investment. The main resource that many firms rely on is the ' SR&ED Consultants “that assist firms in preparing their claims and working with your accountants to file the claim properly.
That claim eligibility is a key part of the SRED tax credit loan process as a quality claim prepared by an experienced consultant helps speed up the financing process. That ' process' by the way is typically the most common question we get from clients on financing SR ED credits - i.e. how long does it take to get a SR&ED bridge loan and what’s involved.
The good news? Claims can be financed in a matter of weeks, in certain cases even less time. And the actual application? Just as easy - typical requirements are a copy of your SR&ED filing, your financial statement and tax return and some miscellaneous info typical for any business loan - i.e. your articles of incorporation info, etc.
‘Timing is everything ‘is an oft used cliché in business. The good news around financing SR&ED credits is that last years claim is financeable, as is this years, and yes, next years also can be started along! Your ability to document claims properly just moves everything along. SR&ED bridge loans are financed at 70% of the value of your claim - is simple arithmetic: every 1000.00$ of claim nets you 700.00$ in immediate financing.
Very few business people dispute the value of R&D and the tremendous benefits attached to the SR&ED program - it's equally a good thing to fund your claims and accelerate cash flow. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can help you ' connect the dots ' in your refundable tax credit cash strategy.
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Stan Prokop
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