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October, 2009 | |||||||||||||||||||||||||||||||||||||||||||||||||
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Case Study: Home Renovation Tools | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggressive Competition Put Company into Non-Profit SituationA manufacturer of home renovation tooling had annual sales of $4 million. In years past, the company had experienced aggressive competition from the Far East resulting in a 30% reduction in sales, putting the company into a non-profit situation. With these financial limitations, the company had difficult remaining competitive, causing further stress on the business. 
Northbridge Develops Long-Term Relationships with ClientsResulting from consultations with Northbridge Consultants and the filing of successful SR&ED claims, the management decided to take on more challenging projects and increase the amount of SR&ED being claimed. Northbridge Consultants provides a value added approach when assisting clients in identifying more SR&ED eligible areas than previously thought. Working with clients over consecutive successful claims allows Northbridge to successfully identify key points of a company’s innovation that can allow them to remain competitive and profitable. Successful Claims Enable Business to Become Profitable Once AgainNorthbridge Consultants assisted the company in claiming $750k of SR&ED expenditures annually, allowing them to receive cash back totaling over $300k per year. Northbridge Digs DeeperThe strength of the projects was not as evident, until Northbridge Consultants systematically investigated further and was able to capture all of the eligible activities. This has allowed the company to not only avoid closure, but to build back sales and become profitable once again. This is a factual account of a client's success with Northbridge Consultants. Names have been removed to protect the client. | |||||||||||||||||||||||||||||||||||||||||||||||||
Calendar of Events - October, 2009
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Employee Spotlight: Michael CrozierPositionEngineering Manager – SR&ED Operations. 
Years in the Industry7 + Years. Over the course of his industry experience, Michael has directly realized $15+ Million and has assisted in an additional $5+ Million in refunds to our clients through the SR&ED program. Educational BackgroundBachelor’s Degree in Engineering Physics – McMaster University. Professional Memberships/AspirationsMike would like to pursue an MBA in the near future. Hobbies & InterestsWhether it be in personal or professional pursuits, Mike enjoys making the most out of life. He enjoys family time as much as possible and loves to travel with his wife. According to Mike, they have had the opportunity to visit some of the most beautiful beaches and countries in the world – second to Canada of course! Biggest Non-work-related AccomplishmentMike has completed the Royal Conservatory of Music piano curriculum and has instructed grades 1-10 piano for over 8 years. | |||||||||||||||||||||||||||||||||||||||||||||||||
Northbridge News & EventsNorthbridge at McMaster Innovation ParkNorthbridge continued with their monthly informational seminars on September 17, 2009 at the brand new McMaster University Innovation Park. As in the past, the audience consisted of a wide array of industries from Food Manufacturers to Tool and Die Shops. Thank you to all who attended. SR&ED Lunch and LearnsNorthbridge will be continuing with their Lunch and Learn sessions on October 6, 2009 at the Cambridge Chamber of Commerce. This will be the second Lunch and Learn with more to come. These sessions are designed for small audiences and provide a more interactive atmosphere. If you have questions pertaining to anything SR&ED related or are interested in attending either a Seminar or Lunch and Learn session, please do not hesitate to contact us by email at info@northbridgeconsultants.com or by phone at (519)623-2486. |
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Ask the Experts - How Can I Track R&D Activites?Northbridge clients know that R&D document control is one of the most critical in daily operations because it directly impacts the company’s revenue stream; if you don’t keep proper R&D records the CRA has the right to refuse your claim outright. Here are some quick and easy ways to ensure at least a bare minimum is being adequately logged: Keep emails discussing projects involving installation of new machinery, new products, or improvements to existing processes and products.Meeting notes and other logs of discussions are very useful in tracking project development, showing an ongoing committment to promoting and encouraging innovation. Keep logs, whether it’s in a spreadsheet, a simple log book or printout of a spreadsheet. Use external quality assurance programs such as ISO and GMP measures; these systems have templates which can assist in the detailed tracking of R&D projects. While this is the bare-bones of what the CRA would require there are many other easy and effective ways to implement project tracking. These are key elements which the CRA looks for and if they are missing it could mean a rejected claim. For first time filers this rule is somewhat relaxed but going forward a company is required to keep proper documentation to ensure effective internal management of the SR&ED program. Northbridge gives each and every client the tools and training they need free of charge, on a department basis, to successfully track projects which means no hassle the next time around! 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. 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.
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