Featured Client: Collins Barrow®

Siskinds is proud to introduce its featured client, Collins Barrow®.

Collins Barrow is Canada's largest association of Chartered Accounting firms and has become Canada's mid-market alternative for accounting, tax and business consulting solutions. Collins Barrow serves a wide range of business, government, non-profit, agricultural and individual clients in local, regional, national and international markets, offering a full range of professional services, from strategy development to complex corporate financing and international tax structuring. Combined with service and value, Collins Barrow uses accounting information to help clients grow and reach their aspirations. This is more than preparing financial statements and tax returns, although you can count on them for that too. For example, Collins Barrow has developed a specialty in assisting clients to access Federal tax credits - which may be "free" money that the client otherwise misses out on. Please read the "SR&ED in a Nutshell" segment below.

Collins Barrow enjoys the distinction of being a member of one of the most progressive international associations of independent accounting firms throughout the world, Moores Rowland International. MRI is an association of leading accounting firms with offices across North America and around the world.

Because of the national scope of Collins Barrow operations, Siskinds was a natural choice to provide professional advice with respect to such diverse matters as regulatory compliance, structuring and incorporation of appropriate legal entities, trademarks, and brand identity and protection.

Dave Webb, former Chairman of the National Association, had this to say of his experience with Siskinds Franchise, Licensing & Distribution Group:

"As accountants, we like to understand upfront the deliverables being supplied by our service providers. Siskinds has always been able to communicate clearly, and in a timely way, to deliver work product on budget and at the level of quality we expect. They accommodated our national structure easily, and approached issues with a 'get it done' attitude that we appreciated."

SR&ED In a Nutshell: Many Canadian businesses are still missing out on the incentives offered by the federal government because of a lack of understanding of exactly what qualifies, or misconceptions about the filing process.

The Scientific Research and Experimental Development (SR&ED) program is a federal tax incentive program to encourage Canadian businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada that will lead to new, improved, or technologically advanced products or processes. The SR&ED program is the largest single source of federal government support for industrial research and development. Claimants can apply for SR&ED investment tax credits for expenditures such as wages, materials, machinery, equipment, some overhead, and SR&ED contracts.

Collins Barrow, Canada’s largest association of Chartered Accountants, has a significant amount of experience and expertise helping business people maximize their SR&ED tax credits. John Durland, a tax partner in the Waterloo office, who heads one of the firm’s regional SR&ED units says, “every day we encounter a business that has been conducting research and development that qualifies for the program but has either not filed a claim or significantly underclaimed.” Doug Greenhow, a tax partner in Collins Barrow’s London office agrees adding, “most businesses that are aware of the program have thought the incentives apply to manufacturing only or to new technology manufacturing and these misunderstandings have prevented them from taking advantage of the program”. “Many different types of businesses qualify through improved processes.” Durland added.

The process for filing a claim begins with a no obligation assessment provided by Collins Barrow specialists with accounting, tax and engineering expertise. For more information on the program go to http://www.cra-arc.gc.ca/taxcredit/sred/aboutus-e.html. For specific information relating to your business/industry or to schedule an assessment please contact dgreenhow@collinsbarrow.com 519-679-8550 or jdurland@collinsbarrow.com 519-725-7700.