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Scientific Research and Development is highly dependent upon complex and extremely well detailed tax treatments. While you may well have a unique idea that does qualify as Scientific Research and Development;

 

"Research and Development" / "R&D", is not necessarily Research and Development of a Scientific Experimental nature while Research and Development of a Scientific Experimental nature is defined as meaning systematic investigation or research that is carried out in a field of science or technology by means of experiment or analysis and that is

 

a) basic research, namely, work undertaken for the advancement of scientific knowledge without a specific practical application in view,

 

(b) applied research, namely, work undertaken for the advancement of scientific knowledge with a specific practical application in view, or

 

(c) experimental development, namely, work undertaken for the purpose of achieving technological advancement for the purpose of creating new, or improving existing, materials, devices, products or processes, including incremental improvements thereto, and, in applying this definition in respect of a taxpayer, includes

 

(d) work undertaken by or on behalf of the taxpayer with respect to engineering, design, operations research, mathematical analysis, computer programming, data collection, testing or psychological research, where the work is commensurate with the needs, and directly in support, of work described in paragraph (a), (b), or (c) that is undertaken in Canada by or on behalf of the taxpayer. What is considered to be "Research and Development" or "R&D", is not necessarily Research and Development of a Scientific Experimental nature. The key is understanding what can mean the difference between these so simular activities which many be considered to be the same when in fact they are not the same and is that difference which is so important to contact a consultant such as myself towards understanding and confirming what it is that is at the heart of causing improper claims being made which in the end will always end up being rejected. 

 

Research and Development of a Scientific Experimental nature must be carried out in a certain way and for specific reasons to qualify. More can be learned concerning qualifying for R&D claims by contacting me. Equally important is the fact that the best place to be when it comes to R&D and Taxes is on the top of them. You will find that the more you grow into valuable gold / silver precious / base metal and rare earth properties that you will survive to get here by being on the top of things because if your not on the top then your on the bottom. This unique aspect of our industry is due mainly to the way that it has been purposely constructed into what is called the "power of option" or "the power of the option agreement", which deals with rights inferred in association, a parcel of land with a predetermined time and time deadline attached which is given a life through the implementation of that dead-line and it being attached. It is a highly interesting concept which harnesses the power of the passing of time towards performing work and thus gains from that work. With each tick of the clock time runs out, drains away and more urgent grows the need and thus the desire in performing that specific work required.

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I don't labor it but it is important for new people interested in entering our industry to feel that pressure and to get a feel for what it will feel like when they commit to getting their own property and so now you know just for reading this and thats a help to some I would think, so some have already been helped.

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So to can be also with the tracking of expenses for various reasons also which is a difficult and time consuming task which is a task on top of all the other duties which are performed in the run of a days work which starts well before Sun up and lasts well into what often is late into the night. The tasks of collecting important samples and their care often take precedence over all other tasks and indeed your care of your samples should take priority because if assay results are compromised even in the slightest way possible, then they will all need to be thrown out.

I am very amazed how that the fact that we must perform all of these highly complex and important tasks to successfully move Canada's economy ahead and that while we are doing those daily tasks there are those in government who are creating additional complex tasks everyday for us in the form of what seem like mind boggling mathematical math puzzles in new compliance and reporting tasks which add great complexity and cost. With new NI 43-101 regulations gaining a deeper foot hold into our field projects and into every corner of our work and therefore our whole lives it can be easy to overlook the tracking and retention of the necessary information in the form of daily logging of our daily required work expenses for our required reports of work (ROW’s) into our daily log books, not to mention that our field books and our notes along with our log books can often go missing. This can be highly unfortunate also at tax time, or at time of option settlement also at time of renewal, thus the great amount of information which is contained within this section can be helpful not only when confronted with taxes at tax time but it can also be helpful at these other equally important times as have also be mentioned herein.

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When it comes to expenses without supporting documents or required work audit, my highly qualified Canadian Lawyers, Business Analysts and Consultants are standing by to help. When it comes to learning more about all of these aspects there is never a place of knowing enough and the valuable information and large amount of help is free. Please feel free to contact me to learn more. 

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