It is tax time! Time to take a moment and reflect on your tax planning opportunities for 2012 and beyond. If you have not ever reviewed Government Programs that can help, here is one to consider:
Disclaimer: I am not a tax accountant, nor do I play one on TV, this is just a tidbits to pursue.
The Scientific Research and Experimental Development program (SR&ED) is a Federal Government Tax Incentive program which allows organizations to apply and participate in a program where a wide range of qualifying expenditures can result in refunds or Investment Tax Credits. I have seen first hand where organizations have been accepted and received significant refunds or ITC due to their participation in the program.
In fact, recently an organization headquartered in the US is now making plans to relocate their R&D efforts to Canada primarily to take advantage of this program.
Here is a link for more information on the program.
http://www.cra-arc.gc.ca/txcrdt/sred-rsde/menu-eng.html
Your Sage 300 software will be an invaluable tool in tracking and submitting your claim. Of course your organization can rely on BAASS to ensure that your ERP systems are optimized to correctly track and report these expenditures to make your filing process easier.
Happy Tax time!
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