YOUR COMPANY IS LOOKING FOR SR&ED FINANCING!
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Financing & Cash flow are the biggest issues facing business today
ARE YOU UNAWARE OR DISSATISFIED WITH YOUR CURRENT BUSINESS FINANCING OPTIONS?
CALL NOW - DIRECT LINE - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs
EMAIL - sprokop@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Financing SR&ED Tax credit incentives in Canada comes with a pretty well automatic invitation, that's right, no RSVP required. It's all about this loan unlocking the uncertainty in both claim approval and, even better, eliminating the waiting around your government refund. Let's dig in.
WHAT IS THE SR&ED PROGRAM
SR&ED bridge loans are in some ways a combination or marriage of technological and technical. Technological refers, of course, to the essence of your firm's R&D claim - what the government and your SRED Consultant call the ' uncertainty' your firm is addressing via the ' experimental development ' around new products and services.
WHAT QUALIFIES FOR SRED
Projects must meet 3 key criteria for sr&ed eligibility - Work must have evidence of technological advancement and demonstrate that technological uncertainly was encountered - Finally the technical content of the write up must show how those uncertainties were addressed
WHAT IS A SR&ED LOAN
The path to those expenses you incur leads to an SR ED loan's basic technical aspects, which is typically constructed as a bridge loan to mirror the time that your claim is being reviewed and approved by the federal/Prov. Govt bodies that fund these claims.
ARE YOU ELIGIBLE FOR SRED? THE ROLE OF THE SR&ED CONSULTANT
Your firm is eligible to finance your SRED credit whether you prepare your claim yourself (not common) or if it's prepared by a (hopefully!) qualified/experienced independent consultant. These folks seem to prepare the bulk of the claims in this industry - and they are paid on a fee basis for their work and time, or in most cases, they put themselves at risk by offering ' contingency ' - that is to say, they only get paid when your claim is both approved and funded.
The consultant's expertise (is it an art or a science, we wonder?) maximizes the quality and amount of your claim. Since claims are financed under your SRED loan at around 70% loan to value, the simple observation is, of course, that the more you claim, the more cash you receive under your financing.
WHAT DOCUMENTATION IS REQUIRED TO APPLY FOR A SR&ED BRIDGE LOAN
The documentation around your tax credit financing could not be more basic. Of course, it revolves around the actual claim that you file yourself under the ' T661' form that you and your consultants and accountant complete as your submission of your claims.
The simple way to look at R&D TAX CREDIT FINANCING is that you simply need to supply basic info around your actual claim, as well as basic info around your company. As far as the company info is involved, it's financial statements, perhaps a summary of what your business does or hopes to do.
ANYONE CAN APPLY FOR SR&ED FINANCE - FIRST TIME CLAIMS ARE OK ?
Hopes to do? Yes, that's because many businesses utilizing the SR&ED program and SR ED financing are often still in development, pre-revenue, or early revenue stages. You may have figured out by now that the ' collateral' for your loan is simply the refund itself.
CONCLUSION
Recent innovations in tax credit financing couldn’t be more in favour of your firm, the borrower. They include the ability to access your financing prior to filing your claim or starting borrowing next year's claim.
If you're looking for your RSVP invite to financing SRED Tax Credit incentives in Canada, seek out and speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can help you cash flow your claim today.
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Stan Prokop
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