Edmonton Economic Development Corporation: Local Start-Up Helps Clients Recover Innovation Dollars
Navigating through R&D tax program gets cash back where it's needed
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwire) -- 09/08/11 -- Helping a client triple its previously unreported eligible claims, from $400,000 to $1.2 million, to the taxman is just another day at work for an Edmonton start-up that helps businesses recover dollars spent on research and innovation.
's exclusive SynergyDesk business and project management software assists clients with their claims to 's (SR&ED), which provides lucrative financial incentives to companies in research and development. As the program's tax credits are typically refunded in cash, client companies - especially start-ups - not in a tax-paying position have another cash flow source.
"Edmonton is a major player in the scientific research community," says Mark Wolff, managing partner at , located at . "From biotechnology to nanotechnology, and medicine to oil and gas recovery technologies, it would be difficult to find another city that has the diversity, level of activity, and reputation for progress as the Edmonton market."
The company works with clients to relieve their exhaustive burdens associated with SR&ED data collection and claim processes, enabling them to budget and project plan more effectively and conveniently.
Advance-Tek's role is more than getting involved at the end of the year to prepare a client's SR&ED claim. "By maintaining year-round communication, we guide clients on aligning projects and activities within SR&ED eligibility boundaries. They are typically rewarded with higher-than-expected returns," according to Wolff. As SR&ED is a scientific incentive program, finance and tax accountants may not be as familiar with it to maximize a client's benefits.
"Being located at the allows us to conduct business without needing to worry about things like high rent and lease term," says Wolff. "Having the ability to use the park's unique facility to help support client requirements goes a long way in building credibility with both potential and existing clients."
" is an outstanding example of Edmonton's flourishing technology sector. We provide our start-ups with a nurturing environment, complemented by facilities and services, to develop and diversify Edmonton's economy," said Candace Brinsmead, vice president of technology advancement at the . "The fact that Advance-Tek is itself a start-up makes it doubly interesting. We assist emerging companies like succeed by reducing risk and providing connections to business mentoring, equipment, facilities, funders, marketing and other services."
And that company that helped recover triple its eligible claims? By reinvesting those tax refunds into further development and commercialization, it was sold soon after for $13 million.
The Edmonton Research Park (ERP) houses dozens of research companies and is managed by Edmonton Economic Development Corporation (EEDC). The ERP is also a stakeholder in TEC Edmonton, a joint venture with the University of Alberta. For more information, visit Learn more about Edmonton through the stories of people who've experienced it at
Contacts:
Edmonton Economic Development Corporation
Renée Worrell
Communications Manager, External Relations
780. 932.4865
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Datum: 08.09.2011 - 15:00 Uhr
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News-ID 63741
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EDMONTON, ALBERTA
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