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High Fines for Users of Tax Cheating Software

Richard Weber on September 17, 2014 in Advice for Business Owners

Your accountant can advise you on financing options, investments, future planning and of course, strategies to minimize your tax payments. Business owners operating without this professional support may be tempted to underreport earnings so as to lower their tax obligations but this type of fraud comes with significant risk. New ESS software (commonly known as … Continued



Changes to SRED That Will Affect Your Claim

SB Partners Admin on December 5, 2012 in SR&ED

Proxy Rate for overhead expenditures – current proxy rate of 65% of wages will be reduced to 60% beginning January 1, 2013 and will then be reduced to 55% effective January 1, 2014.Calculations will allow to Pro-rate the amount based on the number of calendar days in each of the years 2012 and 2013 and … Continued



SR&ED-Research in the Medical Industry

SB Partners Admin on September 12, 2012 in Health Care

If you are in private practice and are established as a Medical Professional Corporation performing either Research and/or Experimental Development, you may be eligible for significant tax credits under the SR&ED program.



SR&ED and the Healthcare Industry

SB Partners Admin on July 11, 2012 in Health Care

No matter what field within the vast healthcare industry you are performing research in, the combined Federal and Provincial government’s Scientific Research & Experimental Development (SR&ED) program can help you fund that research through Investment Tax Credits (ITCs). Whether you are performing clinical studies, clinical trials, the development of new protocols in either basic or … Continued



A Minute on SR&ED

SB Partners Admin on May 9, 2012 in SR&ED

Contained in the announcement were proposed recommendations as a result of the recent Jenkins Panel Report. The following summarizes proposed changes to the Scientific Research and Experimental Development (SR&ED) tax incentive program.



A Minute on SR&ED

SB Partners Admin on March 7, 2012 in SB Partners News

SB Partners Announces SR&ED Administrative Management Services Program SB Partners is pleased to announce a FREE, new service that will assist our SR&ED clients in documentation that supports their SR&ED claims. Clients do not need complicated computer tracking systems. It requires no lengthy review meetings and all information is gathered in a timely fashion while … Continued



A Minute on SR&ED

SB Partners Admin on December 21, 2011 in SB Partners News

2011 in Review and What’s New for 2012 SR&ED 2011 in Review The last year has been quite exciting for the SR&ED Team at SB Partners. While most of our clients are maintaining their SR&ED initiatives, we are hyped up about the 45% increase in new clients who joined us in 2011. Additionally, a further … Continued



A Minute on SR&ED

SB Partners Admin on November 23, 2011 in SR&ED

Understanding and Identifying Potential SR&ED Within Your Business Project The development of new or improved Products or Processes does not necessarily indicate SR&ED activity. Novelty, innovation or uniqueness are not sufficient to demonstrate Technological Advancement. It is important to separate what is considered to be Due Diligence and Standard Practice within your industry from activities … Continued



A Minute on SR&ED

SB Partners Admin on October 19, 2011 in SB Partners Events

Supporting Documentation Supporting Documentation is an important part of your SR&ED claim. Without evidence of work performed, the Canada Revenue Agency could deny your project. Dated documentation should be created from the beginning of the project and continue during the experimental process, not afterwards. Examples of Technical Documentation are: • Project planning documents • Timesheets … Continued



A Minute on SR&ED

SB Partners Admin on September 15, 2011 in SR&ED

Why is it crucial to submit your SR&ED claim along with your Corporate Tax Return? Your claim is processed in 120 days or less, where as if it is submitted after your Corporate Tax Return it can take up to 240 days to process. What can be done to help ensure your SR&ED claim is … Continued