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Table of Contents

What does SREDable do?

It is a connect-the-dots for SR&ED claims. Simply following SREDable’s online wizard assures that your SR&ED claim meets the definition of SR&ED. It questions your projects, sorts your expenses, and orders your documents. Simply click Submit and out pops a complete, tax compliant SR&ED claim, ready to be mailed to the CRA. The CRA can audit the claim online, approve it, and send you the refund.

SREDable takes the risk out of making a SR&ED claim. For a full list of features click on the Features link. SREDable is free until you decide that you wish to make a SR&ED claim.

Is it Industry Specific?

Yes. At the moment SREDable is designed for use by Software companies only. Beta versions are available for other industries.

Where can I find help?

You can get three levels of help.

Level One – On Screen Help

Hover over the (?) next to words for insights and explanations. Click on the (?) icon in the top right hand corner of each screen to open an annotated screen shot showing you what to enter, where, and in which order. Click on the iII icon in the top right hand corner to watch a video on how to complete a specific section. If these help tools are insufficient, browse the FAQ section below. The most widely asked questions are posted.

Level Two – Technical Support

Open a ticket or call us 1.888.xxx.xxxx to receive technical support on using SREDable. This support is limited to technical software support. For support related to the SR&ED program see level three support.

Level Three – SR&ED Program support

Contact one of our SREDable consultants or SREDable accountants for assistance with the SR&ED program, accounting issues or SREDable. They may be a fee for service charge.

How can I check whether my Software Projects qualify for SR&ED incentives? 

SREDable makes it easy to find out. And to find out fast. “Meet the CRA” is a simple wizard that asks the same questions that the CRA asks to determine whether you qualify for SR&ED. It’s as straightforward as that.

You can try the “Meet the CRA” test free by clicking on Begin a SR&ED claim. In fact, SREDable is free until you decide that you wish to make a SR&ED claim.

How do I make sure that all my company’s SREDable activities are captured and claimed?

SREDable’s basic unit of work is the project. Most software companies naturally allocate work done to projects. SREDable will ask you to list all the projects worked on during the year whether for a customer, for an internal project or for fun. It is important to list every project so that none get missed. Once the projects are listed SREDable’s “Meet the CRA” wizard will determine which projects qualify as SR&ED and which do not. Press the “Qualify” button next to a project’s name to see if it qualifies for SR&ED. If it doesn’t, SREDable will explain why. If it does, congratulations, you’re on your way to a refund.

If you have questions about SREDable or the qualification wizard, just submit a support request and we’ll get right back to you.

How long will it take me to complete the “Meet the CRA” wizard?

Most people complete the wizard slowly and thoughtfully for their first project. Once familiar with the questions it will take under 5 minutes to determine whether a project qualifies for SR&ED or does not.

How do I make sure that my company receives the maximum SR&ED refund allowable?

SREDable is designed to ensure that all the eligibility rules and nuances of the SR&ED program found in the Income Tax Act and CRA Interpretation Bulletins are built right in to the rules based framework. SREDable’s rules based wizards ensure that you include all the expenses that legitimately qualify for refund. And that you or your consultant won’t oversee the little known nuances like the impact, on eligible payroll, of vacation days allowed but not taken . SREDable accounts for everything. See if this rings true for you by trying the the free stages of SREDable. (click on Begin a SR&ED claim).

If you have questions about SREDable or the qualification wizard, just submit a support request and we’ll get right back to you.

How Much Time will SREDable take?

SREDable is a tool to speed up the SR&ED claim process. A SR&ED claim with one project will take no more than 10 hours to complete and can easily be completed in a morning. For each additional project we’d budget an additional two to three hours. A claim with four projects should take no more than 16 hours (two days) to complete. If you gather all the documents that we request at the start of the process you will speed through SREDable considerably faster.

In all cases SREDable is a good use of time. Check out your return per hour on the claim dashboard or at the bottom of your screen.

How can I reduce the time SREDable takes?

In order to whip through SREDable at high speed, have the list of documentation handy when you start. Also make sure that the people with the most knowledge of the software projects your company worked on this year are the ones who answer SREDable’s technical questions.

Documentation you need to use SREDable

You need two kinds of records to be a SREDable whiz: accounting and project records. Have the below records ready when you begin your SREDable claim in order to rip right through it.

Accounting Records

  • Salaries and wages paid during the fiscal year.
  • Invoices paid to contractors.
  • Invoices of equipment bought an dused for development or research.
  • Time sheets (if available)
  • Tax Return from the previous year.
  • A copy of your T2 Corporate Tax return for the year of the claim (if already submitted)

Project Records

  •  complete list here

Documentation the CRA wants to see

In order to receive a refund or tax credit you need to provide evidence that you performed activities that meet the definition of SR&ED. Most of the records you need, like payroll or timekeeping are naturally generated during the course of doing business. SREDable will ask you to gather these documents prior to getting started. In addition, SREDable provides you with a sophisticated records management system (documents) which allows you assess whether you have provided sufficient evidence to support your claim. SREDable will highlight must-have categories and may not let you pass the payment stage if sufficient evidence does not exist.

If the documentation library says you have records which you do not in fact have please submit a support request. It is important to accurately reflect the documents you have in the documentation library because the CRA may ask to see them. If you cannot produce what you have said you have, the CRA reviewer will get grumpy.

If you have questions about SREDable or the evidence required to support a claim, just submit a support request and we’ll get right back to you.

Can I be sure that my claim will be accepted by the CRA?

SREDable has the requirements of the CRA built right in to the “Meet the CRA” wizard so that only if you meet the requirements of SR&ED and have a legitimate claim can you proceed to billing. It is in our interests that you receive the SR&ED incentive. That’s why we tested SREDable thoroughly on live claims with our resellers and our SR&ED Consultants before making it available for sale. Should the CRA deny your claim after reviewing it, SREDable will refund your fee (see fee insurance).

What is SREDable Fee insurance?

If your SR&ED claim is denied outright by the CRA, SREDable will refund your base fee. In this way, your risk is limited to the cost of the fee protection only. Fee protection is and additional 10% of your base fee.  (See Pricing).

How do I submit my claim?

SREDable will send you and your accountant a completed SR&ED claim return which you mail or deliver to your local CRA office in the pre-addressed envelope. You can see what the completed claim return looks like by clicking on the T661 tab at the bottom of your screen.

Where do the dollar values in the SR&ED claim forms come from?

Click on the Claim Submission tab. You can interrogate the source of any number shown in the claim forms by clicking on it. This allows you to drill in to determine the source of every number and to show the CRA how every number is substantiated.

What Features are you working on?

We’re always working on new features.

SRED TIME is a simple, interactive timekeeping tool for recording eligible SREDable activitites on the fly. SRED TIME was developed with the assistance of the CRA and users like Nokia. Currently SRED TIME is available in limited release through our resellers.

SREDable Live is a simple project management tool. It answers the CRA requirement for contemporaneous documentation of the right kind.

 

 

FAQ SR&ED

What is the Expenditure Limit?

If your company is a Canadian Controlled and privately owned company you will receive a federal refund equal to 35% all R&D or product development expenses up to the Expenditure Limit. For a company making a loss the limit is $3m of R&D expenses. For a company making a profit, the Expenditure Limit is reduced until at $800,000 of taxable income (profit) it reduces to zero.

Expenses in excess of the Expenditure Limit receive a federal tax credit equal to 20% of these expenses of which 40% is refunded and the rest (60%) can be used to offset taxes past, current or future.

Is my SR&ED Refund Taxed?

The SR&ED refund is treated as income and taxed. The after tax amount sinks straight to the bottom line. SR&ED is a sure fire way to boost your bottom line.

How do I speed up the processing of my claim? (How do I get the refund faster)

The CRA assigns processing speed priorities to claims based on when they are submitted and the size of your company. Small Canadian companies who submit their SR&ED claim with the T2 Corporate Tax return have favored company status. They receive a response from the CRA within 120 days and could receive a response from the CRA within 10 days. Small(ish) Canadian companies who submit their SR&ED claim separately from their T2 Corporate Tax return can expect a response from the CRA within 240 days. All other companies can sit back, put up their shoes and wait because the CRA has 365 days to process the SR&ED claim.

 

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