Increase Your SR&ED Refund with Boast
Every year, the Canadian Government provides more than $4.1 billion to over 20,000 businesses as part of the Scientific Research & Experimental Development (SR&ED) tax credit program to offset R&D costs.
However, applying for the SR&ED program is a manual and cumbersome process.
MOST SR&ED CONSULTANTS TAKE SHORTCUTS, INCLUDING
Discounting R&D efforts due to their reactive claim process
Excluding smaller projects that are deemed not material.
Lack of engineering expertise to understand the R&D work.
Relying on a Technical Lead’s memory to gather data.
Additionally, SR&ED consultants and accounting firms typically begin the SR&ED claim preparation in Q2 of the following fiscal year, which makes the entire process chaotic and unorganized, especially for CTOs and Product leaders.
The traditional, non-proactive SR&ED approach means that the CTO has to spend numerous hours trying to identify qualifying work that meets the eligibility criteria and guesstimating the associated time evidence. Instead, they could be leveraging the data that’s already accumulated in their technical systems.
Prior to working with Boast, many of our clients experienced difficulties in accurately collecting all the data needed to file a strong claim. This meant that even though the work was performed and salaries could be claimed for, they were unable to produce the evidence needed to substantiate their claim.
THEREFORE, EVEN THOUGH THE COMPANY SPENT A SIGNIFICANT AMOUNT OF TIME ON SR&ED, IT’S LIKELY THAT THEY WERE NOT CLAIMING THE MAXIMUM AMOUNT THEY WERE ENTITLED TO.
How Boast Increases Your SR&ED Refund
Since Boast integrates directly with our clients’ tech stack, we can continually extract all the data directly from their project management and code repository systems into our platform.
All tickets, epics, stories, bugs, tasks, and Git commits are automatically pulled and categorized into the specific SR&ED eligible projects while our system simultaneously leverages the timestamps available to create timesheets for your employees.
Every detail and every hour of all your R&D projects are accounted for and nothing is missed. Documentation is neatly organized and easily accessible for future reference when finalizing the SR&ED reports.
Since you work on your R&D projects throughout the year, we believe that your SR&ED claim deserves the same level of attention. Unlike other SR&ED consultants who only work on your SR&ED claim at the end of the year, our team of Technical PMs have proactive quarterly check-in meetings with your team to review all tickets & commits and ensure we’re capturing the required SR&ED information.
Additionally, our Technical PMs are made up of highly experienced engineers who work with our clients to provide strategic guidance and discover previously lost opportunities to help our clients maximize their claims.
The SR&ED tax credit program is a great opportunity for highly innovative Canadian companies to offset their incurred R&D costs from the government. However, many businesses often leave money on the table since they can’t substantiate their claim.
BY LEVERAGING A FULLSERVICE, AI-POWERED SOFTWARE SOLUTION LIKE BOAST, BUSINESSES CAN ENSURE THAT THEY ARE CLAIMING THE FULL AMOUNT THEY ARE ENTITLED TO.