It takes only 120 calendar days to process your refundable SR&ED claim from the moment you file it. While we have no control over how long the CRA takes to process your SR&ED claim, we do have some tips to help you make the process run more easily.
Here are five suggestions including an SR&ED cashflow calculator to help you expedite the processing of your SR&ED claim:
- Become knowledgeable about the SR&ED tax credit program for yourself and your technical team
It is a good idea to attend webinars and seminars to learn everything there is to know about the program. When you understand everything there is to know about the program and who is eligible, you’ll be able to better prepare yourself and your team for the process, helping it go more smoothly or everyone.
2. Maintain documentation records
It’s far easier to be proactive rather than reactive when it comes to future SR&ED work. While looking back on what you’ve done and doing your best to gather documentation isn’t difficult, implementing a documenting process from the start will save you a lot of time and work.
- Assign an internal ‘SR&ED Champion’ to one of your team members
While it is not required, appointing an “internal SR&ED advocate” is usually beneficial. This person will be your company’s main point of contact and will manage the whole SR&ED claim procedure from within. This individual is usually the technical lead.
- Plan ahead of time to go over technical reports with your SR&ED claim preparer
Nobody likes being squeezed for time in order to meet a deadline. To avoid feeling rushed before a deadline, it’s vital to plan out the method from the beginning. You don’t want to rush through a technical report that could help you save money!
An expert SR&ED claim preparer will give you plenty of time to review your claim with you before submitting it, allowing you to submit it much sooner than expected.
- Review the SR&ED criteria and come up with a strategy BEFORE you begin development
This may seem counterintuitive, but knowing the requirements ahead of time, such as documentation, qualifying work, and salary vs. contractors, can make the entire process go more smoothly. Your SR&ED claim preparer may walk you through what they’ll be looking for and even give you tips on how to get the most out of your R&D.
Let’s take the next step and be proactive with your SR&ED claim rather than reacting to it. The procedure will move much more smoothly, and you’ll have more time to focus on your core business rather than seeking and accumulating documentation.