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Case Study | |||||
Innovation can spur successful product niches for your business.Plastics manufacturer feels the pressure to be competitive and offer quality innovative products.A company has difficulty remaining competitive. They have to develop new products in order to stay ahead of competition. The pressure is on - both to be successful, and to offer quality products for its customers. A decision to build a durable rain barrel that can withstand the harsh Canadian climate brought many design challenges. The choice of material to use brought the cost up significantly. Cost being a factor on the success of product viability is a concern for every manufacturer. The knowledge that the SR&ED program can help recover up to 41.5% of related costs helped the development of this product to move forward.
Costs mount, manufacturer moves forward confident the SR&ED program will help recover costs!Environmental attitudes of consumers are strong towards conservation. However, consumers are not always willing to compromise on practicality or design. The designer-look of this product and its practicality made it extremely successful beyond all expectations. SR&ED program gave the company the confidence to take risk leading them to innovation.The manufacturer of these durable yet attractive rain barrels was able to claim eligible SR&ED costs on the development of this product. Other eligible material costs and labour costs were recovered, making the cost implications of manufacturing the product insignificant. A successful product comes from an innovative design for a practical application. This is a factual account of a client’s success with Northbridge Consultants. Names have been removed to protect the client. | |||||
Employee Spotlight: Ryan Brown
Ryan graduated from McMaster University in April of 2007, obtaining a Mechanical Engineering Honours Degree. During his four years of university, Ryan also worked for Scotia Bank, giving him great exposure to all things financial. After graduation, Ryan worked for an injection moulding company for a year and half. In addition to CAD design and product testing, he also visited client sites to assess and solve quality problems. Ryan works very well with clients and is readily able to understand their specific business needs, especially when working with manufacturers. When he’s not cruising in his VW Jetta 1.8T (with 180hp and 180 ft-lbs of torque), Ryan’s spare time is filled with sports such as touch football and water-skiing. He also enjoys cottaging in the summer, and the Caribbean is his favourite vacation destination. Ryan has worked with Jen to successfully process several claims since starting his work at Northbridge. He will continue to work alongside Jen for new and current clients, furthering the development of client relationships and continuing to maximize their SR&ED claims. | |||||
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Northbridge NewsNew Northbridge Team MembersThe Northbridge team has been expanding once again! We have recently added three new business development managers to our group, as part of our continuous effort to offer the best service possible to our clients. Welcome aboard everyone! SR&ED SeminarsOn May 14th we are holding a complementary breakfast seminar in Mississauga, Ontario. Registration has been filled, but you can reserve a spot for the next one. Contact us at info@northbridgeconsultants.com or by phone at (519) 623-2486 to ensure you have a seat for our next SR&ED event! |
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Northbridge Facts & FiguresCME SMART Program
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Tips & TricksSome companies are required by the CRA to go through technical and/or financial reviews of their SR&ED claim. Technical Review:
Financial Review:
Called For a Review? Don’t Worry!Northbridge helps our clients with the preparation of supporting documentation that will be needed to defend your SR&ED claim. Northbridge takes you through a mock review, in order to prepare you. We will go over any questions that will be asked so you will know what the auditor is looking for. Your consultant will also be present with you at the review. The best way to ensure your review goes smoothly is to be certain ahead of time that all qualifying activities claimed canbe readily backed up by solid documentation, and that each project meets the three SR&ED criteria of Technological Uncertainty (Obstacles), Technological Advancement, and Technological Content. A professional consultant with the necessary expertise to assist your company in claiming for SR&ED and help defend the claim at a review is essential. |
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Ask the Experts
Dear Northbridge Consultants,
Sam Carter Dear Sam; The Canada Revenue Agency typically does not dig deeper into the information about your company and what you are claiming on than absolutely necessary, in order make sure that you do have the three criteria to qualify for the SR&ED program. The CRA is looking to see that you have established the principles of Technological Uncertainty (or Obstacles), Technological Advancement, and Systematic Experimentation in each one of your projects. In the majority of cases, the Canada Revenue Agency will find that it is not imperative to divulge the fundamental principles of your technological enhancement in order for you to successfully claim for SR&ED funding. Strict security of information is maintained by the government representatives while they are handling your claim. As well, formal policies do exist to ensure that conflict of interest does not occur within the auditing personnel. Have a question for the experts? Send us your inquiry. |
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Northbridge takes pride in maintaining an unmatched level of customer service to our clients. Our account managers are evaluated based on client feedback – please complete our survey to let us know if Northbridge Consultants met or exceeded your expectations, as well as how we can improve our service to you. Northbridge Consultants 70 Cowansview Rd Cambridge ON N1R 7N3 T:519.623.2486 F:519.623.5654 You have received this newsletter because of your interest in Northbridge Consultants. Terms of Use: Although we endeavor to ensure timely and accurate information throughout this newsletter, it is not intended to be a definitive analysis of legislation cited, or a substitute for professional advice. Readers are encouraged to seek professional advice when attempting to relate their specific situations to information disclosed within. | |||||
Northbridge Consultants would like to officially welcome Ryan Brown to our team. Ryan joined our team in January of 2009, working as an applications engineer assisting Senior Account Manager Jen Mahon, with whom many of you are already familiar.