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