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David Aston & Associates will work with a client’s technical people to prepare, with integrity, the technical reports required for an SR&ED tax credit claim for submission to Canada Revenue.

Most Canadian manufacturing and technical companies are doing enough R&D to merit a tax credit, under the Scientific Research and Experimental Development (SR&ED) programme of the Canada Revenue Agency, in order to offset some of the company’s R&D expenses. There is financial benefit for the company to delve into the technical side of their activities to confirm they are indeed carrying out R&D projects. They must then structure these projects to comply with the rules of the SR&ED programme. Finally, the reports on the R&D projects must be summarized.

Accounting firms know the financial side of the SR&ED programme and can prepare the financial summary for a client company. However, they may not have the time, the knowledge or the technical staff to investigate and assist with the company’s R&D programme and to summarize it to the requirements of Canada Revenue.

David Aston & Associates proposes the following five steps for a new client :-
1. Work with the client to confirm they have an appropriate R&D programme and to ensure it is properly structured.
2. Ensure the client has the planning processes, technical reports, time sheets and invoices in order to satisfy the requirements of the SR&ED tax credit application.
3. Use this information and these documents to prepare the technical summaries for the SR&ED claim.
4. Work with the client’s accountants to ensure the technical reports are aligned with financial reports and summarized to meet Canada Revenue requirements.
5. Be available to assist the client in the event that Canada Revenue decides to audit the company’s SR&ED tax credit claim.

The niche for David Aston & Associates lies in working closely with the client’s technical people to structure their R&D activities and then to prepare, with integrity, the appropriate reports and summaries of their projects so the client’s accountants can summarize the tax credit claim for submission to Canada Revenue.