CRA’s SR&ED claim reviews are really inevitable. Every time you submit an SR&ED claim to the CRA, your claim maybe reviewed in a detailed manner to make sure that it meets the requirements of the program. Statistics show more than 25% of SR&ED claims are being reviewed since the CRA's recent changes have been adopted. CRA has Research and Technology Advisors(RTA) that are trained to … [Read more...] about Questions Asked During SR&ED Claim Review
SR&ED CRA Audit: It has seen regularly in the publications that the Government of Canada is concerned about the level of Research and Development investments that are made by companies. Hence the allowed expenditures on SR&ED by the type and size of firm, credits claimed and earned and the type of their activity facilitates a wider analysis. According to the Canadian Revenue Agency (CRA), … [Read more...] about Top 20 Risk Factors Should Know To Avoid SR&ED CRA Audit
Hiring a SR&ED consultant is a serious matter because it concerns your SR&ED claim submission and tax refund. The consultant plays a critical role in making sure the SR&ED claim submission process is handled and managed properly without any undesirable consequences. Do not make the mistakes of finding out an unqualified and inexperienced consultant only after you have contracted the … [Read more...] about Facts When Hiring a SR&ED Consultant
Since 2012 The CRA started introducing a number of mandatory changes to the SR&ED program. This resulted in significant drop of SR&ED budget from approximate $4b in 2012 down to $3.6b in 2014. The key changes include: In 2012, The budget announced new funding of $6M over two years for the CRA to implement changes to the administration of the SR&ED program which includes: -Conduct a … [Read more...] about $4b Funding Budget Reduced to $3b Within Two Years
The supporting documentation and evidences to defend SR&ED claims could be any of the followings: -Project planning documents -Documents on design of experiments -Experimentation plan -Design documents and technical drawings -Project records, laboratory notebooks -Design, system architecture and source code (software development) -Records of trial runs -Project progress reports -Photos, … [Read more...] about What documents and evidences would support SR&ED projects?
All SR&ED claims are risk assessed by CRA upon filing. As a result, three cases may happen: 1-Claims are accepted as filed 2-Claims are selected for a desk review 3-Claims may be selected for a more detailed technical and/or financial review. If the 3rd case happens, it means Research Technology Adviser (RTA) is not able to determine the eligibility of the work conducted by client. RTA will … [Read more...] about How to have a peace of mind when SR&ED claims are reviewed by CRA?