Breaking News: CRA Processing SR&ED Claims
COVID-19 has impacted processing SR&ED claims at the Canada Revenue Agency (CRA), but today SR&ED filers received great news!
The CRA announced on their website that:
The Scientific Research and Experimental Development (SR&ED) Program is returning to normal activities. We are starting to contact claimants by phone to advance reviews to allow new and remaining claims to be processed. Currently, most claims are being processed and refunds issued in a timely manner. If you are receiving the Canada Emergency Wage Subsidy, please see What’s new – SR&ED Program to understand how this wage subsidy might impact your future SR&ED claim.
For more information on tax and benefits measures to help support Canadians during the COVID-19 pandemic, go to Changes to taxes and benefits: CRA and COVID-19.
This is great news for those waiting for their SR&ED claim to be processed. Most claims are being processed and refunds issued in a timely manner. If you have been waiting for your claim to be processed, you may receive a phone call from the CRA to facilitate the advance review.
If you received the Canada Emergency Wage Subsidy, please see our post on the subject here. This may impact your future SR&ED claim.
The filing deadline for December 31, 2018 tax year-end is just days away: June 30, 2020. Please file your claims so that you may receive the SR&ED investment tax credits (ITCs) that you deserve. With claims now being processed, hopefully, wait times will return to the standards previously set by the CRA.
Hopefully, as time goes on more operations will return to normal.