Retail Products Manufacturer Unaware of SR&ED Eligibility Receives Over $400,000 in Investment Tax Credits

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When our client approached Stratos for assistance with their taxes, they were unaware of the SR&ED (Scientific Research and Experimental Development) program and their potential eligibility for SR&ED Investment Tax Credits. As a small CCPC (Canadian Controlled Private Corporation) in the retail products industry, they were focused on running their business and hadn’t given much thought to SR&ED.

However, as we worked with their team to review their business operations and financial records, we quickly realized that they were conducting research and development activities that qualified for SR&ED funding. They had been working on developing new products and improving their manufacturing processes, and had incurred a range of SR&ED eligible costs in the process.

We explained the SR&ED program to their team and outlined the potential benefits of participating, including the opportunity to recover a portion of their eligible costs through Investment Tax Credits. They were interested in learning more and decided to pursue an SR&ED claim.

Over the next two years, we worked closely with their team to prepare and submit their SR&ED claim. We helped them identify all of the eligible costs they had incurred, including salaries for their R&D team, materials and supplies, and contract payments to external service providers. We also prepared a detailed technical narrative that explained the scientific and technological advancements they had made during the course of their project.

When the claim was submitted, we worked with the SR&ED review team to provide additional information and clarification as needed. In the end, their team were approved for over $400,000 in SR&ED Investment Tax Credits, which they received over the course of two years.

The Investment Tax Credits had a significant impact on their bottom line, helping to offset the costs of their R&D activities and allowing them to reinvest in their business. Our client was grateful for the expert guidance and support provided by the Stratos team, and credited us with helping them become aware of their SR&ED eligibility and recover the funds they were entitled to.

If you’re a business owner who is unaware of the SR&ED program and your potential eligibility for Investment Tax Credits, consider working with Stratos to explore your options. Our team of SR&ED experts is here to help you understand the program, prepare a strong claim, and recover the funds you’re entitled to. Contact us today to learn more.

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