Joshua Smith is the partner who leads the business incentives practice at Welch LLP, a group focused on maximizing cash flows for clients through the use of Scientific Research and Experimental Development, Ontario Interactive Digital Media and other tax credit claims as well as other business incentives.
Joshua is also the leader of the health specialists team at Welch, a group focused on providing proactive tax minimization strategies, corporate structuring and succession planning to doctors and other medical practitioners across all specialties. This group focuses on providing full service solutions to medical practitioners, allowing the medical practitioners to focus on the services they provide.
Joshua has helped hundreds of companies across Canada plan and prepare successful SR&ED tax credit claims in industry sectors including software, hardware, manufacturing, design and pharmaceuticals. Joshua’s in depth knowledge of the income tax rules and regulations combined with his SR&ED expertise allows him to provide advice to help companies maximize current and future cash flows from tax credits and other government funding sources.
In his tenure at Welch Joshua has helped hundreds of companies across Canada in all industry sectors maximize their financial performance through proper planning and optimization including pre-mortem and post mortem plans, family trusts and complex corporate structures.
Joshua co-authors the annual CPA Canada Tax Update course, a course designed to keep tax practitioners informed about the latest developments in tax legislation and application. Joshua has also written numerous blogs and articles providing insight into SR&ED, OIDMTC, tax rules and tax planning.
Joshua is a board member and treasurer of the Maple Leaf Chapter of the Association of Old Crows, an organization promoting the sharing of new ideas and information and the dissemination of new research and knowledge in the fields of Electronic Warfare and Information Operations throughout Canadian government, industry and academia.
As both a board member and Chartered Member of TiE Ottawa, an organization dedicated to fostering entrepreneurship in Ottawa and globally through mentoring, networking, education, incubating and funding programs, Joshua has provided guidance, advice and support to many entrepreneurs.
Areas of Expertise (4)
Tax Planning for Individuals, Trusts and Corporations
Ontario Interactive Digital Media Tax Credits
Scientific Research and Experimental Development Tax Credits
Government and Other Funding Sources
Canadian Institute of Chartered Accountants: In-Depth Tax course, Pt I, II and III 2012
University of Ottawa: B.Comm., Accounting 2002
- Association of Old Crowed : Treasurer
- The Indus Entrepreneurs (TiE) : Charter Member, Director
Media Appearances (5)
New Scientific Research & Experimental Development (SR&ED) forms for 2021
Welch LLP online
On October 30, 2020 the CRA released three updated forms for taxpayers filing a SR&ED claim. The main reason for the update to the forms was to remove references to capital expenditures that no longer qualify for SR&ED expenditure or investment tax credit purposes. In addition to this, a box has been added in Part 6 of the T661 requiring claimants using the traditional method of overhead allocation to allocate the overhead expenditures to each of the projects claimed. This new overhead information is required for claimants filing an SR&ED claim for tax years ending after 2020 and is optional for taxation years ending prior to 2021.
Welch Partner Joshua Smith Featured in SR&ED Podcast
Welch LLP Partner Joshua Smith was featured as the main topic expert in a podcast about demystifying SR&ED for companies that have not dealt with it before. Josh, who leads Welch LLP’s Business Incentives department, outlines the entire process, goes into detail on audits (and how to avoid them), discusses proper preparation for a SR&ED claim, the common mistakes companies make, SR&ED consultants fee structure, and more...
Congratulations to our new Partner Joshua Smith!
The partners and staff at Welch LLP would like to congratulate Joshua Smith on becoming a Partner at our Ottawa office. Joshua began working with Welch in 2006. Joshua’s expertise in SR&ED, digital tax credits and government grants allows him to help both large and small companies maximize cash flows while minimizing tax exposure. Additionally, Joshua has in-depth knowledge of and works extensively with medical professionals to help them plan for growth and retirement in a tax efficient manner...
2018 Ontario Budget Commentary
Ontario’s Finance Minister Charles Sousa tabled the 2018 Ontario Budget on March 28, 2017. The Government is projecting a surplus of $0.6 billion for 2017-18 and deficits of $6.7 billion for 2018-19 and $6.6 billion for 2019-20.
Why Tax Returns for the Recently Deceased are Not as Simple as You May Think
It is surprising how often I am told by the executor or family member of a deceased taxpayer that the tax filings for the deceased will be simple to prepare. There are, of course, situations where this comment is true (i.e. no substantial assets at the time of death or all assets are transferred to a surviving spouse), but these situations are rare in my experience...