Innovating is a risky proposition. Organizations looking to break through their industry can incur some costly bouts of trial and error. To ease those barriers to innovation, the Canadian government has a program available called the Scientific Research and Experimental Development Tax Incentive Program or SR&ED; some people even call it”SHred“.
What is SR&ED?
On average $4 billion in tax relief or credits are given annually to over 24,000 Canadian organizations in almost every conceivable industry. The Canadian SR&ED tax incentive is one of the most generous innovation programs in the world. Also, there’s no limit to the amount that any organization can claim.
SR&ED tax incentives are available to all Candian based, tax-paying organizations who are seeking help to innovate their respective industries. The program is non-discriminant as both non-profit and for-profit companies can take advantage of the incentive.
Many organizations, while very adept at the industry they serve, don’t always have the know-how to file an SR&ED claim. They may not be able to identify what activities they are performing that could qualify for SR&ED funding and may not know how to properly document their claim, this is where Ryan, LLC comes in.
Who is Ryan?
Ryan is an award-winning global tax services firm achieving market leadership through client service excellence, workplace innovation, and employee development. With a team of knowledgable industry experts, Ryan helps organizations prepare, submit and defend SR&ED claims.
Because of Ryan’s expert knowledge in various industries and how they may be eligible for SR&ED benefits, Ryan is very successful in helping organizations submit effective claims. Ryan has proven to maintain a strong working relationship with the Canadian Revenue Agency with a 4% audit rate. Far below the industry standard of 35%.
Throughout the claim process, Ryan regularly meets with clients and ensures that all necessary records are documented and kept. For claiming labour costs associated with innovation, Ryan will review timekeeping reports to ensure all applicable time is accounted for; this is where Dovico comes in.
Who is Dovico?
Dovico is a software company founded in 1994 to serve the need for employee timekeeping and project costing. They have perfected a robust project costing solution that is not only serviceable but unbelievably reliable. Over the years, Dovico has been the recipient of SR&ED benefits and has used Ryan to submit many successful claims.
Dovico timesheet is the chosen project costing and timesheet solution for many industries such as IT, food, financial and construction, to name a few. Dovico’s crazily customizable approach to time and expense tracking, as well as its fully customized reporting, has made it a mainstay for its many loyal clients. These reasons are why Ryan has partnered with Dovico as it’s timesheet software of choice.
Ryan provides Dovico Timesheet free of charge to its SR&ED clients
When submitting an SR&ED claim that includes the cost of labour, it’s essential to accurately store and retrieve all of the hours entered for accurate and real-time reporting. To help with this record keeping, Ryan provides Dovico Timesheet licenses free for all of their SR&ED clients! With its industry adaptability and its powerful custom reporting, Dovico provides Ryan with the reliability to strengthen its client’s SR&ED claims.
Get the right team for the job
Innovating a product or service is tough. Finding and acquiring the right resources to become more competitive in your market can sometimes feel unreachable. With the Canadian SR&ED tax incentive and the partnership between Ryan and Dovico, innovation doesn’t need to be financially impossible. With this powerful trio on your side, moving forward doesn’t have to feel like you’re climbing uphill.
Want to know more?
Listen to Diane Doucet, Cofounder of Dovico Software, and Mohamed Parpia, Director, Scientific Research and Experimental Development at Ryan LLC talk about the benefits of SR&ED tax incentives.
For more information on how Dovico and Ryan can help you with SR&ED:
Or, contact Brian Cardinal at (905) 567-7926 or 1-800-667-1600.
For growing businesses looking for a better way to track employee time and activity.