Scientific Research & Experimental Development (SR&ED) Tax Refund Calculator
Get an instant estimate of the potential SR&ED tax refunds available to your business for qualified SR&ED projects. It’s your money, it’s real money and “It’s Worth a Talk”
These guidelines will help you to use the SR&ED refund calculator. The ITC rates vary by province. The examples given are for British Columbia. Click your province on the map of Canada then enter the appropriate information. The appropriate ITC rates will be applied automatically. For personal assistance call 604-617-6858.
Salary and Wages
In British Columbia your potential refund for salaries and wages related to SR&ED is 68.5%!
- How much did you spend on salaries and wages specifically related to research and development during the last fiscal year?
- For example, if an employee earned $100,000 annual salary (on their T4) and they spent 50% of their time on a qualified SR&ED project, you can add $50,000 to the Salary/Wages field. Enter the total portion of salary and wages for all employees engaged in the in the SR&ED project into this field.
Materials and Subcontractors
In British Columbia your potential refund for SR&ED related subcontractor fees and materias consumed or destroyed is 41.5%!
- What was the total of amount paid in subcontractor fees related to research and development during the fiscal year? What was the cost of materials consumed in experimental development? As per salaries and wages, total up the portions of sub-contractor fees allocated to SR&ED and the total cost of materials consumed in SR&ED and enter this amount in the Materials Cost field.
Capital Equipment
In British Columbia your potential refund for capital costs of equipment related to SR&ED is 41.5%!
- What was the total amount of lease or purchase costs for machinery and equipment used all or substantially all (90 per cent or more) for SR&ED? Enter this amount in the Capital Cost field.
AG Tax LLP Can Help
If you have any tax-related queries or need assistance with tax planning or filing please contact AG Tax. Our tax professionals are highly-experienced with US and Canadian tax laws and can provide you the right guidance to handle your tax situation.
Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to US, Canadian, and other international tax laws. We can assist with:
- Canadian Personal and Corporate tax returns
- Cross Border Taxation and Business Planning
- US Personal and Corporate Taxation
- Disclosure of Foreign Assets and other information filings
- Retirement planning
- Estate Planning, Inheritance tax advice
To obtain a quote or to arrange for a consultation to discuss your tax related queries, please contact us at:
- 416-238-5920 (Greater Toronto Area, ON)
- 604-538-8735 (Greater Vancouver Area, BC)
- 780-702-2732 (Greater Edmonton Area, AB)
Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.
