10 Things You Might Not
Know About SR&ED
10 SR&ED basics
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Your application for SR&ED funding is part of your corporate tax return.
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Get your money faster! Filing your SR&ED claim in conjunction with your corporate tax return (within 6 months of your fiscal year-end) cuts claim processing time by 50%.
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Canada’s SR&ED program is administered by the Canada Revenue Agency (CRA).
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The biggest reason for claim denial is insufficient or inappropriate evidence – not ineligibility.
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It’s true, you can receive a cheque in the mail from the government!
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Alternatively, you may receive “non-refundable” SRED tax credits. These can be applied against corporate tax owed.
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The CRA wants you to document your SR&ED activities contemporaneously (i.e. as they occur). Ask us about this one – don’t worry that you’ve missed the boat!
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Some cases are selected for review. If yours is, a CRA scientific auditor will analyze your case in compliance with the current CRA policy documents. You will be asked to provide detailed explanations and additional evidence. We can help.
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At Engineva, we believe that CRA randomly reviews some claims that have passed the initial, basic scan (all boxes have been checked; content makes sense). Then, others are selected for an in-depth review as a result of red flags in the basic scan.
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Less is more with the CRA. The more information you give, the more red tape you risk. We can help you avoid giving the CRA that red tape opportunity – contact us to find out how.
Less Red Tape. More Refund.
Contact Engineva today for more information!