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FAQs
Q. How does the contingency fee work and when do I
pay OME Group Consultants?
pay OME Group Consultants?
OME Group Consultants charges a percentage of the final refund you receive
from CRA. The reason for this is two-fold. Firstly, our clients do not (necessarily)
have the funds to pay us up front for a new and uncertain service and prefer to
pay us out of the refund cheques they receive from CRA. Secondly, the
contingency fee gives OME Group Consultants a stronger incentive to maximize
your SR&ED claims. OME Group Consultants waits with you and shepherds your
claim through the CRA process to ensure you receive your refund.
We are with you every step of the way!
Q) What is the refund rate for our company?
This depends on your corporate ownership structure. Federally, CCPCs receive the
enhanced ITC refund rate of 35%. Foreign owned, publicly traded, sole
proprietorships and partnerships receive a 20% tax credit.
There are also substantial provincial refunds that we will claim for you depending on
your location. With offices in Toronto, Montreal, Kitchener, Calgary and Vancouver,
we are available to serve you coast to coast.
Q) …but I don’t do R&D?!
SR&ED is different than what you may typically think of as ‘R&D’. This program
refunds work done for prototyping, testing and developing technologically
advanced products or processes. Click on our TechTree to see if you could be
eligible in your industry!
SR&ED is different than what you may typically think of as ‘R&D’. This program
refunds work done for prototyping, testing and developing technologically
advanced products or processes. Click on our TechTree to see if you could be
eligible in your industry!
Q) …but we don’t pay taxes yet?!
That’s OK, your company is still eligible. Even if you are in a loss position,
Canadian Controlled Private Corporations (CCPCs) are still eligible to receive a
refund on their SR&ED expenses.
Canadian Controlled Private Corporations (CCPCs) are still eligible to receive a
refund on their SR&ED expenses.
Q) I already receive government funding, can I still claim?
Yes. We are able to claim for the excess amount of costs, above and beyond
what you received. For example, if you spent $100 on SR&ED and you received
$15 from another program, we would be able to claim for the remaining $85 of costs!
what you received. For example, if you spent $100 on SR&ED and you received
$15 from another program, we would be able to claim for the remaining $85 of costs!
Q) When is my SR&ED claim due?
SR&ED claims are due to CRA 18 months from your year end. For example, if you
have a December 2008 year end, your claim will be due in June 2010. This is a firm
deadline and all claims must contain the specified CRA documents to be considered
complete. If you fail to submit the proper documentation by the deadline, your claim
will be disallowed and no refund will be given.
have a December 2008 year end, your claim will be due in June 2010. This is a firm
deadline and all claims must contain the specified CRA documents to be considered
complete. If you fail to submit the proper documentation by the deadline, your claim
will be disallowed and no refund will be given.
