Services
SR&ED
SR&ED, pronounced "SHRED," is more than a tax incentive program; it's a pathway to innovation. At Bloom, we embody the wisdom to help you navigate the complexities of SR&ED, ensuring your efforts lead to tangible results.
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As defined by CRA, this means there is a systematic investigation or search that is carried out in a field of science or technology by means of experiment or analysis and that is:
Basic Research
Applied Research
Experimental Development
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Our Approach
At Bloom, we approach SR&ED from a scientific approach, our curious team of scientists will work to qualify your projects as eligible for SR&ED. We then move to understand the specific's of the work you did throughout the year and quantify the eligible SR&ED work and expenditures. We work with one-person organizations through to multinational organizations striving to make a difference in their varied fields.
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Our team works hard to understand your research project and craft a compelling narrative for CRA.
What do I need to qualify?
01.
SR&ED is not only for the science buffs. You can claim SR&ED for many different research and development costs.
02.
SR&ED-eligible expenses that can be claimed are typically SR&ED wages, contractors and materials that are consumed or transformed within the research.
03.
Provinces in Canada have different local tax credits that can be utilized in coordination with SR&ED at the federal level. This can lead to up to 60% of your research costs being refunded back to your company at the end of each fiscal year.
04.
Time and evidence tracking could make or break your claim, while it isn’t typically a top priority for any regular business owner, the CRA looks for activity-based time-tracking methods.