The Canadian government has a program under Scientific Research & Experimental Development (SR&ED). This program rewards firms that carry Research and Development throughout the country. The program has been in existence since the 1980s, and it has been so generous, placing Canada in a better position than most countries technologically and economically. Financial aid to Scientific Research & Experimental Development firms, from this kitty, is regarded as an entitlement but not a grant. But for a firm to be the eligibility, it must have a systematic investigation framework, show scientific uncertainty, demonstrate scientific advancement, and must have technical content. The brain behind the SR&ED incentive was to create a solution related avenue through SR&ED aspects. The best tax consulting firms in Canada must be in a position to prepare an end-to-end customer support framework that ensures that claims go the whole length. Firms operating in Canada must know that they may be stepping on unlocked funds’ cabinet if;
- They function as hospitals or academic institutions?
- They assume the status of incorporated academic?
- They conduct research either formally or informally?
- Their recruitment places them in a position to carry formal study?
- They participate in pharmaceutical trials and are a CRO?
As the world evolves into an advanced technological era, there is a need for tax consulting clients to make informed decisions on the caliber of tax consultancy to engage. Experts in this area must offer client services that suit their expectations. The program should keep improving its quality standards to manage change and competition.
Canada has invested a lot in Scientific Research & Experimental experts whose tasks are to consult on taxes for efficient service delivery. Seasoned and professional consultants should have the capacity to review all client tax projects and be in a position to advise on the selection of the best projects for SR&ED claims. What almost all incorporated academics don’t know is that they qualify as beneficiaries of this program. Experts in this field know that good consultants prepare client claims that have technological advancement aspects in their frameworks. The caliber of tax consultancy personnel must include characteristics not limited to:
- Basic tax consultancy knowledge.
- Acquire Solid knowledge of tax consultancy policies and practices.
- Possess customer and result-oriented.
- Possess accurate, efficient, and effective time management attributes.
- Have adequate service delivery experience.
- Clear communication practices.
- Possess deep insights on the ups and downs of tax credit return and government expectations.
- Consultants must identify, capture, and document Scientific Research and Experimental Development claim as they work.
- Be able to maximize the monetary value of the claims.
- Able to work independently.
Whichever aspect of change and growth adopted in Canada, SR&ED in tax consultancy helps customers to access adequate tax refunds. By using the industry knowledge frameworks, the SR&ED program will serve Canadians in the future.