Avinova helps manufacturing client secure an additional $771,000
Our client is a Canadian intelligent food cutting machine manufacturer with 80 employees. They had been claiming SR&ED credits but were not maximizing their returns on available grants and tax credits.
Result
Avinova identified, prepared and claimed the subsidies and tax credits available for its client, yielding a 616.8% increase in their finances. In total, $896K 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 $125K in SR&ED credits
Avinova’s Solution
First, we performed an audit of the current credits they were claiming and uncovered 6 missed opportunities. Then we assisted the client in preparing the applications for the uncovered subsidies and tax credits.
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: $896K (an additional $771,000 beyond the $125K previously claimed)
Following the audit performed by Avinova and the 6 additional filings submitted, the client achieved the following benefits:
Measurable Impacts
- $250,000 (annual) — Unclaimed eligible expenses that doubled previous SR&ED tax credit claims
- $220,000 (annual) — Unclaimed tax credit of $10,000 per skilled trade employee
- $250,000 — Unclaimed exportation subsidy for tradeshow and other related expenses
- $50,000 — Grant towards ERP system implementation and staff training
- $50,000 — Wage subsidy towards the hiring of a senior executive to establish a new HR department
- $76,000 — Wage subsidy for the hiring of four permanent residents (immigrants)
- $896K — 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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