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Financing & Cash flow are the biggest issues facing business today
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EMAIL - sprokop@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
A SR&ED Research and Development Tax Credit absolutely doesn't require a master's degree to file or finance the claim successfully. How then does the whole process work, and when it comes to receiving your credit or financing it via a SRED Bridge Loan, can you avoid being a ' Wrong Way, Feldman'? Let's dig in.
Wrong-way Feldman? He was a character on the iconic ' Gilligan’s Island' TV series - portrayed as very incompetent. Quite a character, as a pilot, he had a fear of flying! (He once flew to New Orleans by mistake, intending to land in Minneapolis!)
So how do you avoid those ' Wrong way' moves in both the preparation and financing of your claim? ... Allowing your firm to receive your share of the billions in R&D credits annually. And by the way, financing your claim is even easier when your filing and prep process is done properly. (SRED Bridge loans can often be accomplished within a couple of weeks from start to finish).
The ability to recoup capital, i.e. the refundable SR&ED tax credit, while both staying competitive through improved products and processes is what 'SR ED' is all about.
What resources do you have at your availability to properly prepare and finance a claim? More about the financing later, but when it comes to filing a research and development sr Ed credit, it's all about preparation quality. Almost 99% of the time, that work is done by qualified SR&ED consultants - working in conjunction with your firm and your accountants re the year-end filing process.
Typical claims capture the technical narrative and data as well as itemizing the expenses and costs relative to your claim - Typically, 35-40 % of all your expenses are recovered under the R&D credit. We see clients claiming anywhere from 25k to $1,000,000.00 in refunds.
The result of a successful claim? You receive a refund in the form of a cash return. However, that whole process, depending on the gov'ts timing and yours, can take many months. Here's where financing your SR&ED credit might well make perfect sense - if only for the reason of generating additional cash flow for more r&d needs as well as daily operational and investment needs. (Your SRED refund of the financing of the claim allows you to use the refund for any general company purpose).
SRED bridge loans are constructed to provide 70% funding of the total value of your claim. No payments are made during the duration of the loan, which can be prepaid at any time, or of course, when the govt sends that final actual refund chq. It's also interesting to note that you can finance any or a combination of last year, this year, and next year's claim! Talk about flexibility and access to funds!
If you're looking to avoid being a ' Wrong Way Feldman" in research credit funding, focus on the proper basics: Identifying eligibility, keeping careful track of your spend in r&d, working with an SR&ED consultant with a good reputation, and following CRA filing procedures.
And financing your claim? See out and speak to a trusted, credible and experienced Cdn business financing advisor who can help you finance your claim and generate that immediate cash flow recovery.
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Stan Prokop
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