It takes only 120 calendar days to process your refundable SR&ED claim from the moment you file it. While we have no authority over how long the CRA takes to process your SR&ED claim, we do have some suggestions that will make the process go more smoothly on your end.
You can also use the SR&ED calculator to know a rough estimate of how much money your company could save through the SR&ED program. Here are five suggestions to help you speed the processing of your SR&ED claim:
1. Become familiar with the SR&ED tax credit program and educate yourself and your technical team on it.
Attend webinars and seminars in addition to meeting with your SR&ED claim and preparer to learn everything to know about the program. When you know what the programme requires and who qualifies, you and your team can better prepare for the process, making it run more easily for everyone.
2. Keep track of documentation
It’s far easier to be proactive rather than reactive when it comes to future SR&ED work. While reviewing your work and doing your best to gather documentation isn’t tough because starting with a documenting process will save you a lot of time and effort. Keep in mind that documentation should include the following:
- Contemporaneous – prepared at the time SR&ED work is completed.
- Dated – to show that the job was completed over the course of the fiscal year.
- Technical concerns and challenges should be emphasized in order to facilitate the technical reports that will be submitted with the claim.
3. Appoint an internal ‘SR&ED Champion’ from your team.
While it is not required, appointing an “internal SR&ED champion” is usually beneficial. This person will be the main point of contact for your firm and will handle the whole SR&ED claim process from within. The technical lead is usually this person. They’re essential for setting up one-on-one interviews with all of your technical employees who worked on the research or development projects.
4. Schedule time in advance
No one enjoys being pressed for time to fulfill a deadline. It’s critical to plan out the procedure from the very beginning so that you do not have to avoid feeling rushed before a deadline.
An experienced SR&ED claim preparer will give you plenty of time to examine your claim with you before submitting it, allowing you to submit it far ahead of schedule. It’s best to follow their schedule and stay on track.
5. BEFORE you begin development, review the SR&ED criteria and design a strategy.
This suggestion may appear strange. However, knowing the requirements ahead of time, such as documentation, qualifying work, and salaries vs. contractors, makes the entire process go more seamlessly. Your SR&ED claim preparer may be able to walk you through what they’ll be looking for and even give you advice on how to get the most out of your research and development.