Avinova helps IT client secure an additional $829,900
Beyond previously claimed TCEB tax credits of only $442,000. Our client is a Canadian leader in software development with 38 employees, offering corporate marketing solutions. They entrusted Avinova to carry out a due diligence of their TCEB claim and to prepare claims for all unclaimed grants and tax credits.
Result
Avinova identified, prepared and claimed the subsidies and tax credits available for its client, yielding a 282.64% increase in their finances. In total, $1.2M was secured for the client from multiple tax incentive programs and grants.
Client Challenges
- Limited knowledge of available financial incentives
- Lack of business processes to address incentives
- Lack of time and expertise
- Had been claiming a total of $450K in TCEB credits
Avinova’s Solution
First, we performed an audit of the claimed credit. We uncovered 4 unclaimed technical project managers totaling $100,000 in missed TCEB opportunities. Next, we assessed the company’s projects against available financial incentives and identified 5 missed opportunities. We then prepared and filed the applications on the client’s behalf.
Process Optimization
- Developed and implemented processes that enabled the client to continue to maximize returns
- Minimized our client’s involvement so they could focus on their business
- Reduced the time spent on administrative applications
Results
Amount Secured: $1.2M (an additional $829,900 beyond the $442,000 previously claimed)
Following the audit performed by Avinova and the additional filings submitted, the client achieved the following benefits:
Measurable Impacts
- TCEB — $550,000 (annual) — Unclaimed eligible expenses that boosted the TCEB credits by $100,000
- SR&ED — $542,000 (annual) — R&D projects that had not been evaluated for grants or tax credits by the client
- PICQ — $120,000 — Unclaimed expenses for the development of a cyber-resilient software solution
- Essor — $24,000 — Unclaimed expenses for implementing a CRM system
- HR Tools — $16,800 — Unclaimed outsourcing expenses for HR tools development
- PRIIME — $19,100 — Unclaimed wage subsidy for hiring a permanent resident (immigrant)
- $1.2M — Total amount secured for the client
- Saved time — Client involvement minimized
- Created process — Durable processes put in place to maximize future returns
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