With TSI, you know you can rely on a disciplined SR&ED process that ensures nothing is overlooked. Our methodology of approach for SR&ED includes the following key steps, many of which are unique to TSI and unsupported by other consultants in our industry.
- Establish a kickoff meeting with our account manager, technical consultant, and financial consultant to obtain top-level information about your project activities
- Develop an understanding of your needs, goals, and strategies, and look for opportunities to apply government funding programs other than SR&ED to meet your objectives.
- For SR&ED activities, identify projects that are eligible (including those that may not be immediately obvious)
- Gather technical information from your team relating to your SR&ED claim, primarily via an interview-based approach. Our process seeks to minimize the amount of time your team needs to allocate.
- Gather financial information from your team and conduct a costing analysis
- Prepare a technical report articulating how your projects meet the SR&ED claim eligibility criteria, a financial costing analysis corresponding to your activities, as well as applicable tax schedules.
- Review our report and financial analysis with you
- Ensure your accountant is synchronized with the financial aspects of the claim
- File your SR&ED claim directly with CRA or submit our work to your accountant for filing.
- As necessary, prepare and coach you for a technical or financial review meeting with the CRA, and make all written representations to the CRA as required.
- Actively follow up with the CRA on a regular basis to determine the status of your SR&ED claim. In most cases, TSI is able to notify you when to expect your refund cheque before it arrives.
- If not already established, deploy a time-capture and documentation-capture system that fits within your corporate culture with minimal disruption. Having suitable supporting documentation leads to a credible claim, so TSI works to ensure you have a solid system in place for your future claims. Ask us about our optional web-based SR&ED time tracking system. TSI will coach your team how to most effectively capture information to support SR&ED claims.
- At your convenience, schedule regular checkpoint meetings to identify new projects and ensure documentation is being kept and hours tracked. While many consultants meet with clients once a year, we find that more regular interaction ensures more successful claims and delighted clients.
- As part of our tax credit service offerings, we continue to develop a strategic partnership with our clients. By understanding our clients' strategic goals as part of the SR&ED process, we are able to offer a complimentary assessment of other government grant and loan programs which may also be applicable to our clients.
