Why is it crucial to submit your SR&ED claim along with your Corporate Tax Return?
Your claim is processed in 120 days or less, where as if it is submitted after your Corporate Tax Return it can take up to 240 days to process.
What can be done to help ensure your SR&ED claim is ready to go with your Corporate Tax Return on time?
- Have tracking systems in place to capture all labour, material and sub-contractor expenditures
- Track expenditures regularly throughout the duration of the project
- Keep all supporting documentation/evidence current and up-to-date
- Meet with your SR&ED Consultant on regularly scheduled intervals, not just at the end of the fiscal year. SB Partners offers our clients a flexible Project Update Schedule throughout the year at the client’s convenience.
Future “A Minute on SR&ED” blog posts will provide helpful hints on improving your SR&ED Program.