5 Tips to Maximize Your Claim
While it is difficult to replace the combination of practical knowledge with the SR&ED program and experience with the innovative process, there are 5 key steps you can take to maximize your SR&ED claim.
Labour Tracking: | ensure you have a rigorous time-tracking system in place that captures the activity for all those involved in the SR&ED process. |
Document Expenses: | document expenses specific to project activities. |
HINT: If you only take two actions, track your labour hours and document your expenses. With these two elements it is possible to prepare a good SR&ED claim after the fact, without these two elements you risk all of your potential savings with this program.
Identify Early: | the projects that qualify according to the presence of the 3 basic elements: advancement, uncertainty, and process. When you identify early you have the option to test and increase your project tracking activity. |
Maximize Your Program Knowledge: |
understand the SR&ED program, familiarize yourself with the policies, guides, interpretation bulletins and current court cases on the subject. With program knowledge you can be sure what you need to do to comply to the SR&ED program. |
Speak To The Uncertainty: | adopt a practice of speaking specifically to the resolution of the uncertainty. Progress reports should have a measureable relationship to the attempt at resolving the initial uncertainty. |