The Year is Almost Over. Are Your Year-End SR&ED Documents in Order?

Warning: Over 5 years old 
*** This post is over five years old. Some of the links on this page may no longer be active. *** 
Year-End SR&ED Documents
Have you compiled all your Year-End SR&ED Documents? Make sure the answer is YES.

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:

Don’t take chances.

Connect With Us! 

Share your thoughts by commenting below or joining the conversation on our LinkedIn page, Facebook page, or via Twitter. 

~Sign up for the Comprehensive Guide to SR&ED. ~

Leave a Reply

error: This content is Copyright InGenuity Group Solutions Inc. Please contact the site administrator if you wish to use this content.
%d bloggers like this: