SR&ED in B.C.

Receive Refundable Tax Credits for Your R&D Claims

Enhance your innovation returns and secure significant tax advantages by collaborating with Coincide for your British Columbia scientific research and experimental development (SR&ED) claims.

in SR&ED Funds Filed & Received for Clients

Client Retention

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SR&ED Files Submitted & Approved By CRA

Federal SR&ED Tax Credit Overview

Eligible entities for the Federal SR&ED include Canadian-controlled private corporations (CCPCs), foreign-controlled corporations, other corporations, and individuals, trusts and partners.

The tax credit can be carried back three years or carried forward 20 years.

Federal SR&ED Amount

  • CCPCs can earn 35% of the qualified expenditures.
  • Qualifying corporations that are also excluded corporations can earn an ITC of 35%, with up to 40% being refundable.
  • Other corporations can earn a non-refundable ITC of 15% on qualified SR&ED expenditures.
  • Individuals, certain trusts, and certain partnership partners are eligible for a 15% ITC, up to 40% of which is refundable.

How to Claim Federal SR&ED

Step 01

Prepare your tax return

Step 02

Complete and file T661 Scientific Research and Experimental Development (SR&ED) Expenditures Claim with your return

Step 03

Complete and file either T2SCH31 Investment Tax Credit – Corporations or Form T2038-IND Investment Tax Credit (Individuals) with your return

British Columbia SR&ED Tax Credit Overview

The British Columbia SR&ED is a refundable tax credit administered by the CRA.
Eligible entities include CCPCs, foreign-controlled corporations, and other corporations.

British Columbia SR&ED Amount

10% of eligible expenditures.

Special Conditions

Eligible expenditures for calculating the provincial credit are reduced by government and non-government assistance.

Provincial credit will reduce the federal pool of deductible SR&ED expenditures and qualified SR&ED expenditures.

How to Claim BC SR&ED

Prepare your corporate T2 tax return

Complete and file T661 Scientific Research and Experimental Development (SR&ED) Expenditures Claim with your return

Complete and file T2SCH31 Investment Tax Credit – Corporations with your return

Complete and file T666 British Columbia (BC) Scientific Research and Experimental Development Tax Credit with your return

British Columbia SR&ED Amount

10% of eligible expenditures.

Special Conditions

Eligible expenditures for calculating the provincial credit are reduced by government and non-government assistance.

Provincial credit will reduce the federal pool of deductible SR&ED expenditures and qualified SR&ED expenditures.

How to Claim BC SR&ED

Prepare your corporate T2 tax return

Complete and file T661 Scientific Research and Experimental Development (SR&ED) Expenditures Claim with your return

Complete and file T2SCH31 Investment Tax Credit – Corporations with your return

Complete and file T666 British Columbia (BC) Scientific Research and Experimental Development Tax Credit with your return

Book a Consultation

“Hiring Coincide was one of the best decisions for our company. They take care of us, and we are very pleased with their service. Our claims are always well prepared, accurate, and on-time. They take the time to review the strategy with every claim. Coincide have also been very helpful in dealing with our auditors and tax authorities – allowing us to focus on our business.”

Marwan Jamous President at Strategy Point Innovations

SERVICES

Helping Your B.C. Business Maximize SR&ED Credits

Coincide offers tailored support specific to British Columbia’s SR&ED claims process, ensuring a beneficial outcome for your business from claim preparation to securing financing.

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Claim Submission

Take advantage of our deep understanding of British Columbia’s SR&ED landscape to maximize your tax credit benefits. Our comprehensive support includes:

  • Validating eligible expenses and projects
  • Completing support for audit defence
  • Preparing financial and technical reports
  • Providing tax credit training and support
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Financing Assistance

After filing your claim, Coincide can help you secure financing prior to government SR&ED approval. Our financing assistance service includes:

  • Coordinating with your financial institution to ensure an understanding of your project and provide assurance that you will secure SR&ED credits
  • Verifying that your project complies with British Columbia’s SR&ED requirements to enhance your likelihood of obtaining the necessary funding
  • Assisting in securing a bridge loan to provide rapid access to needed funds

“A very professional and experienced team who have helped us navigate through the entire SR&ED process. They led all the upstream work required for our submission (technical report write up, financial form completion, periodic follow ups during the year) and also assisted with CRA’s follow up meetings and audits. With the help of Coincide, our SR&ED claims have, so far, been accepted as filed. ”

Patrick Normand Director at VJO Canada

OUR PROCESS

Steps to Getting Your B.C. SR&ED Tax Credit With Coincide

01. Book a Consultation

Discuss your project specifics with our SR&ED specialists to assess claim eligibility. Once we confirm eligible expenses, we will initiate the claim process.

02. We Create a Master Service Agreement

We create a Master Service Agreement that details our collaboration efforts and defines the scope of services provided. This agreement will ensure a clear understanding of our partnership and our strong commitment to maximizing your SR&ED tax credit.

03. Put The Claim Together

Our team will review your project’s records and data, such as payroll and other expenditures. Based on this information, we will compile a comprehensive claim designed for a seamless approval process.

04. Submit Forms

Coincide compiles and provides all essential documents to your accountant to ensure they meet both federal and British Columbia-specific requirements for tax filing. These documents, including the T661 form, will be used by your accountant for corporate tax filings.

05. Get Financing Support

If you need immediate access to your tax credit, we can help secure a bridge loan with your financial institution prior to the official disbursement of your SR&ED credit.

06. Receive Your SR&ED Tax Credit

Once the Canada Revenue Agency (CRA) approves your claim, you can expect to receive your well-deserved SR&ED refundable credit cheque within 60 business days.

Book a Consultation

“Coincide has been our trusted SRED partner for years. The team has always been there to support us with our submissions. For a group of researchers, having someone like Coincide to rely on is key – they worry about the SRED claim which allows us to focus on drug development.”

Sharon Garcia Director at PeriScope Research

WHY CHOOSE US

We “Coincide” Our Business Values With Yours.

Coincide is a premier SR&ED consultant committed to helping small and medium-sized businesses in British Columbia secure and maximize their SR&ED claims.

Over 15 Years of SR&ED Tax Credit Success

With over 15 years of experience, Coincide has been guiding companies across British Columbia through the complexities of the SR&ED tax credit program. Our broad expertise, ranging from the pharmaceutical industry to software development, has enabled many businesses to claim SR&ED tax credits successfully.

Help You Maximize Your Claim

Leveraging our deep understanding of SR&ED projects, we accurately identify qualified expenditures, ensuring you receive the most from the SR&ED tax credit. Our thorough and detailed approach guarantees that every claim is finely tuned to maximize your financial returns.

We Have a Network of Reliable Contacts

If you have any concerns about the approval of your claim, we can facilitate connections with relevant financial or governmental entities to tackle any issues before you submit your claim. This strategy greatly improves the chances of your claim being approved by the Canadian Revenue Agency.

DO YOU QUALIFY? Start Your SR&ED British Columbia Tax Credit Journey Today

Book a consultation today and get the most out of the scientific research and experimental development tax credit.

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FREQUENTLY ASKED QUESTIONS

What can be claimed under SR&ED?

You can claim costs related to scientific research and experimental development activities, including: 

  • Salaries or wages
  • Materials
  • Overhead costs
  • Payments to third parties for SR&ED work

Expenditures that cannot be claimed include:

  • Lease costs of equipment used for SR&ED
  • Capital expenditures
  • Expenditures on shared-use equipment

Eligible work must aim to resolve scientific or technological uncertainties and can encompass experimental development, basic research, or applied research aimed at generating new knowledge or advancements.

What is the expenditure limit for SR&ED in B.C.?

In British Columbia, similar to federal expenditure limit guidelines, there is an expenditure limit (generally of $3 million), as defined in the Federal Income Tax Act.

Is the British Columbia SR&ED refund taxable income?

Yes, the SR&ED investment tax credit should be included as part of your business income in the tax year it is received. The reason is that it reduces your income tax payable and can result in a refund or reduced payment to the CRA.

How long does it take to process the SR&ED tax credit?

The processing time for an SR&ED claim can vary, but generally, if you file your claim with your tax return, the CRA aims to process refundable claims in as little as 60 days. The process may take longer for claims that require additional review or where more information is needed.