Category

SR&ED

New White Paper Series: SR&ED for the Energy industry

By | Claims, SR&ED

We’re starting a new 5-part series of White Papers on the topic of SR&ED for companies in the Energy industry.

We aim to dispel misconceptions about SR&ED and offer special considerations for fully leveraging the program. We want every E&P and service company to leave no stone unturned for cost-saving measures in today’s economy.

TSGI has been servicing the Canadian Oil and Gas industry for 20+ years, including work with our partners on major technological breakthroughs that have transformed the industry.

White Paper 1: Debunking the myth: SR&ED Eligibility for E&P Companies (Click to open)

 

Check back for future installments in our series:

White Paper 2:  Scoping the opportunity: Claiming SR&ED in a capital-intense industry  (Upcoming)

White Paper 3:  Special considerations for Oil and Gas Service companies (Upcoming)

White Paper 4:  SR&ED in a JV world: Crucial insights for Energy companies entering a JV (Upcoming)

White Paper 5:  Geophysics, Reservoir Evaluation, and capturing your SR&ED entitlement (Upcoming)

We’re growing! TSGI welcomes two new additions to our team

By | General, SR&ED

TSGI is pleased to welcome Igor Koracin and Jordan Boyé to our growing SR&ED Services division.

Igor Koracin is our newest Technology Advisor. Igor has a Masters in Petroleum Engineering and a track-record of driving technical projects in SAGD facilities. A strong communicator and analytical mind, Igor will complement the skill-sets and specialties of his fellow Technology Advisors.

We’re also pleased to welcome Jordan Boyé as our newest Tax and Financial Advisor. Jordan is a CPA, CA with a diverse background of accounting across different technology and sector areas. He also brings a strong passion for the arts. His tax expertise and client-facing rapport will bring tremendous value to our team of Tax and Financial Advisors.

Welcome Igor and Jordan!

Federal Budget 2017 offers focus on Innovation and Clean Technology

By | General, SR&ED

The Liberal government delivered the 2017 budget yesterday, with a focus on initiatives related to innovation and clean technology. One major feature is the creation of Innovation Canada (ear-marked up to $950M over five years to stimulate innovation hubs or “Superclusters”).

On the SR&ED program specifically, there does not appear to be any significant changes at this time. The government plans to undertake a “whole-of-government review” of business innovation programs, within which the government will review the SR&ED program “to ensure its continued effectiveness and efficiency.” No timelines or indications of how this will be assess were provided.

The Innovation and Skills Plan will focus on growth in six technology-centric sectors: advanced manufacturing, agri-food, clean technology, digital industries, health and bio-sciences and clean resources, as well as infrastructure and transportation. Superclusters (strong relationships between the private sector, post-secondary and research institutions) are envisioned to drive R&D for “commercial outcomes with application in the real economy.”

Various allocations were announced to develop clean technologies across multiple streams (including: Clean Growth Hub, multiple government departments, the Sustainable Development Technology Fund, and $570M over three years to provide working capital for clean tech firms).

For more information, please see the Budget, including page 43 for an overview of the Innovation and Skills Plan and page 95 for details on “Canada’s Innovation Economy: Clean Technology, Digital Industries and Agri-Food.”

TSGI launches new website!

By | General, SR&ED, Transaction Services
Welcome to our new website! Take a few minutes to explore our new platform.

 

We’re pleased to highlight new features, including:
  • delivering a more user-friendly experience on all devices
  • highlighting the technical strength and diversity of our Technology and Financial SR&ED teams
  • introducing Transaction Services
As always, feel free to reach out to us with any inquiries, or email info@tsgi.ca

 

Happy browsing!

TSGI welcomes Jacqueline Marques, Tax and Financial Advisor

By | SR&ED

TSGI is delighted to welcome on board Jacqueline Marques, CPA, CGA, MA, BA to our team of SR&ED Tax and Financial Advisors. Jacqueline brings over ten years of diverse experience in accounting, tax and technology.

Jacqueline has worked in a variety of industries applying  her skills, including software and hardware development, manufacturing, property development, commodities trading and agriculture. She is well practiced in accounting for both SMEs and large corporations.  She has a strong foundation of research skills and technical writing in addition to her financial knowledge and has a passion for tax research and lifelong learning. Jacqueline is a top performer in her field and we are excited to have her join our team!

Alberta announces Investor Tax Credit

By | General, SR&ED

Beginning in 2017, the Alberta government’s “Alberta Investor Tax Credit (AITC)” will attempt to stimulate investment in technology-related small and medium-sized Albertan businesses. The announcement comes as the Province seeks to diversify Alberta’s economy from a traditional focus on oil and gas. The AITC offers a 30 percent tax credit over two years for venture capital investors in IT, clean tech, health technology, gaming, visual effects and digital animation. Program details will be announced soon, with an overview available at this link.

Key take-aways

  • Unlike SR&ED, the program is budget limited, and awarded on a “first-come, first-served basis”
  • Limited to Alberta investors who pay taxes in Alberta
  • Province does not pick winners/losers and will not complete due diligence for investors
  • Stakeholder process is now open, while details on program design and implementation are pending

Pre-Claim Consultation or Pre-Claim Review: What’s the Difference?

By | SR&ED

Both programs are recent additions to the discretionary services provided by CRA to assist applicants with their SR&ED claims. The main objective is to reduce the uncertainty of your SR&ED filing outcome.

While one program (PCC) is less rigorous, it provides educational benefits to new SR&ED applicants on the CRA’s eligibility tests for SR&ED work. Participants receive advice and recommendations for future claims, and a basic assessment as to whether or not their claim contains SR&ED work. However, the CRA’s PCC decision is non-binding and does not establish the extent of SR&ED work or expenditures in a given project.

The more rigorous service (PCR) is similar to a regular review, however it can capture benefits as the review is done “when the work is taking place, while information and people are more readily available.” To participate, applicants must meet several requirements, including previous participation in the SR&ED program. The program has just been launched in Western Canada, and will extend to all other provinces through November 2016.

Conclusion:

  • PCC informs the claimant as to whether or not SR&ED work exists within the claim, but not the extent of eligible work or allowable expenditures.
  • PCR informs the claimant with certainty as to whether or not SR&ED work exists within the claim, as well as the extent of eligible work or associated expenditures. However, it requires participants to meet specific criteria.

How can TSGI help? Depending on your specific business context, it may be beneficial to explore these new services. Not only can TSGI provide a free assessment, but we can provide guidance about whether or not CRA’s additional services are right for you. Contact us anytime.

Financial Analyst position posted

By | General, SR&ED

TSGI is now accepting applications for the role of Financial Analyst on our growing team.

If you are a CPA who enjoys working with clients, providing value-added service, seeks challenge and appreciates work-life balance, we encourage you to consider applying.

Check out the posting here. Applications for the position will close Thursday, October 20 at midnight.