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Free Canadian Scientific Research and Experimental Development (SR&ED) Tax Incentive Exam Exam Questions and Answers
Last updated: March 30, 2025
Examtopics Canadian Scientific Research and Experimental Development (SR&ED) Tax Incentive Exam Prepaway Real Exam Questions and dumps free download
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Canadian Scientific Research
and Experimental Development (SR&ED) Tax Incentive Exam
#Question
How can companies effectively communicate their R&D activities for SR&ED?
A.
By providing vague summaries
B.
Through detailed technical reports and documentation
C.
By focusing solely on marketing efforts
D.
By ignoring potential audits
Correct Answer:
B
Companies can effectively communicate their R&D activities for SR&ED through detailed technical reports and documentation that outline their efforts.
#Question
What is the significance of "scientific uncertainty" in SR&ED projects?
A.
It is an obstacle to funding
B.
It indicates market demand
C.
It is a criterion for eligibility
D.
It has no impact
Correct Answer:
C
Scientific uncertainty is a criterion for eligibility in SR&ED projects, as it shows the need for research to resolve unknowns.
#Question
Why is it important to document both failures and successes in SR&ED projects?
A.
It complicates claims
B.
It is not necessary
C.
It increases costs
D.
It can help demonstrate the iterative nature of research
Correct Answer:
D
Documenting both failures and successes can help demonstrate the iterative nature of research, which is important for SR&ED claims.
#Question
What is a common misconception about the costs eligible for SR&ED claims?
A.
Only materials for experiments are eligible
B.
Only direct R&D costs are eligible
C.
All costs can be claimed
D.
Only large corporations can claim costs
Correct Answer:
C
A common misconception is that all costs can be claimed, while only specific eligible costs related to R&D can be claimed under SR&ED.
#Question
What is the role of "innovation" in SR&ED eligibility?
A.
It is not relevant
B.
It limits project scope
C.
It is a requirement for claims
D.
It guarantees funding
Correct Answer:
C
Innovation is a requirement for SR&ED eligibility as it demonstrates the pursuit of technological advancement.
#Question
How often should a company review its SR&ED documentation practices?
A.
Monthly
B.
Only when applying for a claim
C.
Every five years
D.
Annually
Correct Answer:
D
A company should review its SR&ED documentation practices annually to ensure compliance and accuracy.
#Question
Which activity is typically eligible for SR&ED credits?
A.
General market research
B.
Experimental design of a new product
C.
Administrative support tasks
D.
Routine testing of existing products
Correct Answer:
B
The experimental design of a new product is eligible for SR&ED credits as it involves R&D activities.
Canadian Scientific Research and Experimental Development (SR&ED) Tax Incentive Exam
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