RSS provides a variety of services to the client:a) Identify Eligible SR&ED Projects
Our science consultants visit your facilities and meet with your technical or scientific staff in order to identify your R&D projects that qualify for the SR&ED program.
b) Prepare claims for SR&ED Tax Credits
We assist in preparing the technical descriptions of your SR&ED activities, determine the amounts allocated to eligible activities and prepare the requisite tax forms. We also collect the documentation needed to support your SR&ED activities.
c) Analyze and Review of Claims for SR&ED Tax Credits
If you are in a position to prepare your own claims for SR&ED tax credits, we can review your technical descriptions in order to ensure that your claims are well supported and that you have not overlooked any eligible activities. We can review your financial statements to ensure that all the eligible expenditures are picked up in your claim.
d) Staff Training
We can train your staff in the preparation of technical reports and the implementation of a control system to file reports and supporting financial data.
e) Tax Return Preparation
We will prepare your tax return incorporating the SR&ED tax credits claim forms.
f) Participation in CRA Audits
Based on our extensive experience with CRA audits, we can help you work through the CRA reviews, and, if need be, to assist you in the preparation of an appeal.
g) Tax Planning for R&D Projects
Given the significant financial implications associated with SR&ED tax credits, appropriate tax planning is critical. For example, we provide the following R&D tax planning services:
- Conduct cost-benefit analyses of new R&D projects
- Review the potential for R&D tax benefit enhancement through additional subsidies
- Review supplier contracts to make sure that your company, not the supplier, will be able to claim tax credits
- Maximize your R&D/overhead costs ratio
- Review your mix of international R&D projects in light of tax benefits granted by various countries
h) Provide R&D-related tax counseli) Provide Software Tools
RSS will provide our clients with a specialized SR&ED software application called ReCap. ReCap is designed to capture detailed research and trial information in a concise and consistent manner to directly support the SR&ED claim application.