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How does the SR&ED Process Work?

05/01/2015


Applying for tax credits through the SR&ED program is easy when teaming up with members of MNP’s SR&ED Services team. Over the past decade we have been successful in helping medical doctors make both individual and group-level SR&ED claims. These claims are put together by a team of experts including scientists well versed in medical research and designated SR&ED tax experts.

The process begins with a conversation between yourself and MNP’s Medical SR&ED team. At this juncture, MNP would provide a no cost preliminary assessment as to the extent of R&D conducted and eligibility of the R&D for the SR&ED tax credit in efforts of assessing the full potential available from SR&ED benefits. Upon completion of this assessment, our SR&ED team will negotiate an agreement with you.  Often the agreements are contingent upon the ultimate success of the SR&ED claim so there is no up-front cost to carry on.  MNP then review arrangements between yourself and affiliated organizations, ensuring the appropriate structures are in place for you to maximize your access to the SR&ED tax credit. MNP’s team of scientists would then engage with the medical researcher (yourself) in an effort to obtain details of the R&D conducted and develop methodology to support the R&D claim with contemporaneous documentation and an in-depth analysis of how time was spent on the R&D in relation to your regular work hours. Concomitantly, MNP’s SR&ED tax-experts would liaise with your accountant(s) to obtain financial information that would be required to support your claim. At this point, MNP would begin preparing your SR&ED application by creating concise reports summarizing any eligible R&D undertaken and analyzing the related expenditures in order to complete the required tax forms. If follow up with the CRA is required after the original claim submission, MNP’s medical SR&ED team will ensure it is performed in a timely and beneficial manner. By billing on a contingency basis MNP does not seek any compensation for work performed unless a claim is successfully processed, thus ensuring that our interests fully align with yours.

This comprehensive strategy minimizes the time a claimant needs to spend in preparing their claim, putting it in the hands of those who understand how to efficiently construct a claim while guiding you through the CRA review process.