Bloom Technical

🔍 Unlock the Magic: Your Ultimate T661 Reporting Guide 🧙♂️ Welcome to Bloom Technical’s SR&ED Academy! Crafting a T661 report for your SR&ED claim can be as thrilling as your favourite show. 🎬 Let's transform your technical report into a captivating narrative that highlights your R&D achievements. 💡 🎶 Spotlight On 🎶 Section 242 - The Grand Introduction: Set the stage for your project. What's the big question you aimed to solve? 📈 Section 244 - The Juicy Middle: Dive into your innovative approaches, experiments, and those "AHA!" moments. 🔍 Section 246 - The Grand Finale: Highlight your successes and how you overcame hurdles. 🏆 Make your technical report compelling and let your brilliance shine! 🌟 Keep 🎸 SR&ED-ing it! 🎸 Want more? Read our blog post here: https://lnkd.in/g3ib9cEQ #SR&ED #Innovation #Research #Development

🌟 Bloom Technical’s SR&ED Academy presents: Essential Tips for SR&ED Documentation! 🌟 Think of documenting as your own science cooking show. 🍳🔬 Get the ingredients right: 🛠 Challenges: Highlight the problems you tackled. 📝 Steps: Share your systematic methods and data analysis. 💡 Breakthroughs: Show off your innovations and discoveries! Link your financial and technical records to tell a cohesive story. 📊🧬 Include supporting documents like contracts or time logs for added depth. Thorough documentation boosts your SR&ED claim success and credibility. 🌐 Need advice? We’re here to help! For more fun facts on documentation, here's Logan to walk you through the in's and out's: https://lnkd.in/geiTiq2V #SRED #Documentation #Innovation #Research #Finance

Mastering SR&ED documentation is key to maximizing your claims. 📚💼 Here’s how you can nail it: 🔍 Project Tales: Narrate your project's journey with compelling stories, from objectives to uncertainties. 🔬 Technical Chronicles: Showcase your experiments, challenges, and "Aha!" moments. Details matter! 💸 Financial Chronicles: Document every expense. Invoices, payrolls, and expenses – make them count! Connect your financial and technical records for a seamless story. 🧩 Enhance your credibility and boost your claim success! Ready to start documenting? 🚀 Check out our full blog post: https://lnkd.in/gnTSp7gX #SRED #Innovation #Tech #Finance #Research

Examples! Everyone's favourite! 🎉 Continuing from our last post, here are some examples of companies doing rad things that qualify for SR&ED: 🏠 High-Tech Manufacturing in the Smart Home Arena: We're taking a peek at a high-tech manufacturing company making strides with smart window technology. Their goal? To develop windows that adjust their opacity based on sunlight and internal temps! The challenge was tough—finding a material that's both durable and efficient. Through countless tests and a lot of coffee ☕, they've not only met but soared past initial efficiency hurdles, tackling durability head-on over three years. Their persistence paid off, aligning them with global standards and setting them up to potentially lead the market. Go team! 🎉 🤖 AI Pioneers in Language Translation: Next up, a tech company diving deep into AI for real-time language translation, focusing on less common languages. The task was daunting due to limited data. They got creative with machine learning techniques and synthetic data to boost their models. After a two-year journey filled with trials and many "back to the drawing board" moments, they broke through with a new framework that significantly upped translation accuracy. Now, they're poised to take a leading role in AI-driven translation solutions. Innovation at its best! 👏 If you want to learn more, check out our website: #Innovation #Technology #RnD #SmartHome #AITranslation

📣 Ever find yourself wondering if your company qualifies for SR&ED? Then this post is for you! Let’s break it down using a fun analogy—baking a cake! 🍰 Just like in baking, each step in your project adds a layer to your final innovation. We're talking about experimental development, where over 90% of SR&ED claims happen. It's like tweaking that chocolate cake recipe in your kitchen, testing different ingredient mixes, and baking techniques to create something spectacular. This hands-on approach aligns perfectly with SR&ED’s focus on innovation. So, what makes your project eligible? Think of it as following a baking recipe. Your project must tackle technological uncertainties—similar to not knowing how a new baking method will pan out; see what I did there? 😂 It involves a systematic investigation; just as you'd methodically follow a recipe, your project needs clear goals and a step-by-step exploration of hypotheses and experiments. Lastly, it’s all about technological advancement—enhancing your own tech capabilities, much like perfecting your version of a chocolate cake. 🍫🍰 Remember, even if the experiment doesn't go as planned, every attempt is a valuable slice of knowledge! Ready to whip up your next innovation? If you want to learn more about the qualifications of SR&ED, check out our blog post: #Innovation #CanadianTech #SRED

🎉 Welcome back to Bloom Technical's SR&ED Academy! 🎉 Today we are going dive into an interesting SR&ED case that went all the way to Tax Court of Canada. In a landmark ruling, Canafric Inc., a pioneer in food manufacturing, successfully contested the CRA’s denial of their SR&ED claims for innovating frozen pie recipes (2013-2016). Their goal? To extend shelf life without preservatives, incorporate health-conscious ingredients, and ensure quality post-freezing. The CRA labeled their efforts as mere "trial and error" and criticized the lack of documentation. However, the Tax Court of Canada saw it differently, recognizing Canafric’s structured investigations and adjustments to meet client needs as valid SR&ED activities. This verdict emphasizes the importance of structured experimentation and diligent record-keeping in claiming SR&ED credits. A reminder to all in the R&D and tax credit space: innovation, coupled with meticulous documentation, is key to overcoming scrutiny. Let's celebrate Canafric’s victory as a step forward in recognizing the technological strides in food manufacturing! For more cases like this check out our blog at: https://buff.ly/3VcGMKR #SR&ED #Innovation #FoodTech #TaxCredits

📢 Legal Insight: Tawa Developments vs. Canada Revenue Agency (2015) 🏗️💡 This time we are going to explore a SR&ED case that didn't go in favour of the defendant. In a noteworthy case for the construction and development industry, Tawa Developments challenged the CRA over denied SR&ED claims related to their energy-efficient construction methods R&D. Tawa argued their innovative techniques involved technological advancements and uncertainties, making them eligible for SR&ED tax credits. However, the Tax Court of Canada sided with the CRA, stating Tawa's activities were routine construction lacking the necessary uncertainties or systematic investigations for SR&ED eligibility. This ruling underscores the importance of demonstrating scientific or technological uncertainties and conducting systematic investigations to qualify for SR&ED benefits. A crucial takeaway for businesses in R&D-intensive sectors: the definition of eligible activities is narrow, and meeting the criteria demands clear evidence of innovation beyond standard practices. For more cases like this check out our blog at: #R&D #TaxCredits #SR&ED

🎉 Welcome back to Bloom Technical's SR&ED Academy! 🎉 Today we are going dive into an interesting SR&ED case that went all the way to Tax Court of Canada. In a landmark ruling, Canafric Inc., a pioneer in food manufacturing, successfully contested the CRA’s denial of their SR&ED claims for innovating frozen pie recipes (2013-2016). Their goal? To extend shelf life without preservatives, incorporate health-conscious ingredients, and ensure quality post-freezing. The CRA labeled their efforts as mere "trial and error" and criticized the lack of documentation. However, the Tax Court of Canada saw it differently, recognizing Canafric’s structured investigations and adjustments to meet client needs as valid SR&ED activities. This verdict emphasizes the importance of structured experimentation and diligent record-keeping in claiming SR&ED credits. A reminder to all in the R&D and tax credit space: innovation, coupled with meticulous documentation, is key to overcoming scrutiny. Let's celebrate Canafric’s victory as a step forward in recognizing the technological strides in food manufacturing! For more cases like this check out our blog at: https://buff.ly/3VcGMKR #SR&ED #Innovation #FoodTech #TaxCredits

🎉 Continuing from our last SR&ED Academy post, here’s some more fun historical facts about SR&ED. 🌈👏 This is only the beginning of your journey into Canada's sparkling pool of innovation and R&D. 🇨🇦🔍 📚 In the 2000s, instant cash refunds were introduced. It's like getting a surprise pizza refund, but for your business! 🍕💰 🌐 SR&ED isn't just a program; it's a golden ticket for businesses of all sizes. By diving into this fiesta, you're adding glitter to your company and jazzing up the Canadian economy! 🎶💼 👀 Stay tuned for the next beat in our series, where we'll explore the magic of SR&ED and the dazzling benefits it offers. Let's keep the party rolling! #SR&ED #InnovationCelebration #BusinessGrowth Check out our blog post here: https://lnkd.in/g_resr9e