Business Minding Services Inc, a leading provider of accounting, bookkeeping, tax planning, and business advisory services, today announces the release of its new guide, “Tips To Help Maximize Your SR&ED Claim”. This guide is designed to help Canadian businesses, especially startups and firms engaged in R&D and technology, better understand and unlock the full potential of the Scientific Research and Experimental Development (SR&ED) program.
As economic uncertainty grows and innovation costs keep rising, many businesses are seeking practical ways to stretch budgets and ensure continued growth. The updated guide from Business Minding Services provides a comprehensive, actionable framework for business owners, technologists, and financial teams to improve the success of their SR&ED claims and make the process more efficient and transparent.
The guide breaks down the SR&ED program into manageable components, offering key insights into what qualifies under SR&ED, as well as detailed tips for maximizing eligible claims.
The report begins by outlining eligibility criteria. It clarifies what types of work qualify (e.g. technological or scientific uncertainty, prototyping, experimentation) versus what does not (e.g. quality control, market research, routine data collection). From there, it focuses on the importance of meticulous tracking of time and tasks. In particular, ensuring that every hour spent on eligible work problems encountered, adjustments made, technologies used is documented. Suggested tools include project-management software and time-tracking apps.
But it’s not jus about writing out processes after the fact.
Documenting processes as work progresses is key to ensuring the best chance at SR&ED approval, rather than trying to reconstruct after the fact.
It’s also key to include all eligible costs. These include salaries, subcontractor/consultant fees, overhead (where applicable), materials consumed, and cloud/software infrastructure costs. Additionally, navigating multiple overlapping incentive programs (for example, SR&ED coupled with Ontario’s tax credits) without “double-dipping.”
For many Canadian companies, especially in the technology, software, engineering, and manufacturing sectors, SR&ED incentives are an essential source of funding and tax relief. However, despite the potential, many firms under-claim, fail to fully document, or lose eligible credit simply because of gaps in understanding or process. This guide from Business Minding Services aims to close those gaps, providing clarity and practical advice so that businesses can confidently claim what they are entitled to.
“Too many businesses miss out on SR&ED benefits because they treat it as a last-minute exercise, rather than an integrated part of their research and development plan,” says Nigel Vasagam, CEO of Business Minding Services. “Our new guide is meant to shift that perspective—to show that with early planning, disciplined documentation, and expert input, SR&ED can be a powerful driver of innovation and financial stability.”
Business Minding Services Inc., based in Toronto with operations in Markham and surrounding regions, delivers full-service accounting and bookkeeping services, tax planning and advisory services. They have a particular interest in offering support with SR&ED claims, and have published other guides on the process as well, including addressing frequently asked questions about SR&ED.
With over 20 years of experience, including staff with prior audit experience at the Canada Revenue Agency, the firm helps businesses of all sizes from startups to established corporations to optimize tax credits and comply with CRA regulations.
Media Contact
Company Name: Business Minding Services, Inc.
Contact Person: Nigel Vasagam, CPA, CGA, FCCA
Email: Send Email
Phone: 1 416-883-2488
Address:321 Don Park Rd
City: Markham
State: ON L3R 1C2
Country: Canada
Website: https://businessminding.com/
