The Year is Almost Over. Are Your Year-End SR&ED Documents in Order?
Reference Article (>5 Years Old)Please note that the information herein may be outdated, links could be inactive, and policies discussed may have evolved. For the most current data, consult our latest publications. If you would like us to refresh this article as it is of interest to you, please contact us. |
Most companies carrying out Scientific Research and Experimental Development (SR&ED) work have fiscal year-end dates of December 31st, meaning that these companies need to have all of their supporting SR&ED documents in order to apply to and ultimately be eligible for the SR&ED program. With twelve days left on the 2014 calendar, take the time to ensure that all your hard work is accounted for.
Golden Rule: Keep Your SR&ED Documents Up to Date
The release of the 2013 Canadian Federal Budget brought an increased emphasis on the importance of supporting documentation for SR&ED claims. In particular, the budget led to more stringent requirements for “real-time” — a.k.a. contemporaneous — documentation. These documents offer day-by-day, as-it-happened support for SR&ED work performed. While meticulously updated and formatted documents are preferred, any supporting documents are better than none, provided they are signed and dated.
Additional Resources for Successful SR&ED Documentation
However, doing the bare minimum when it comes to documentation for SR&ED claims puts you at risk for a Canada Revenue Agency (CRA) review or even an outright claim denial. Use these SREDucation resources to make sure that your documents go above and beyond the bare minimum — from fiscal year start to fiscal year end:
- Why do I need contemporaneous documentation for SR&ED?
- SR&ED Supporting Documentation — Getting From Point A to Point B
- Get the Facts Straight: Keeping Sources and Audit Trails
- SR&ED Documentation: Using “Day One” as a Work Journal