Supporting the next stage of a family legacy
A Canadian family business wanted to continue their growth trajectory with new ownership. We helped them find the right partner and with the sales process.
Assisting a telecommunications company with its SR&ED claims process
Investing in Canadian Innovation
The challenge
For any technology business to reach its full potential and stay relevant, it needs to constantly invest in research and development (R&D) to innovate and improve its products and services. While there are tax incentives for Scientific Research and Experimental Development (SR&ED), smaller organizations may not be aware of how to best navigate these opportunities. Our client—a telecommunications startup in Ontario—needed assistance in better understanding whether their work met SR&ED eligibility criteria as well as understanding how these programs could benefit their R&D objectives and help them grow. Another challenge smaller businesses often face when exploring these opportunities is that they may not have enough R&D expenditure to be eligible for these incentives. Because our client worked in an R&D-heavy industry with constant product evolution, it was essential they had access to the resources they needed to create innovative products and stay competitive.
How we helped
Assisted management with the development of a SR&ED framework
Captured more R&D expenditure that increased the claim size
Created a streamlined process that enabled the client to minimize the time spent on preparation work to file an SR&ED claim.
Helped maintain CRA-compliant processes
Our client was aware of SR&ED tax credits but needed clarification on whether they were eligible and what the application process involved. Throughout many years of supporting their journey, we coached their technical leads on SR&ED eligibility requirements which helped them streamline internal processes and increase their efficiency with these applications. By assisting them with establishing a strong SR&ED framework, the company was able to maintain CRA-compliant processes and receive SR&ED credits. We also helped them manage the complexity that comes with receiving grants from multiple sources. As they continued to scale and take on investment from multiple sources, our team worked with them to understand their business and funding to confirm that any additional funding was correctly applied to their SR&ED claims.
The impact
After decades of family ownership, the decision to move forward with a partner can be difficult especially as emotions can come into play with a strong focus on safeguarding a legacy built through hard work and sacrifice. With strategic advice from a trusting team that puts clients first, a collective goal can be achieved.
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