CRA Looking for More Contributions to the SR&ED Formal Pre-Approval Service Pilot Program

By: BeneFACT Marketing in Uncategorized

July 2nd, 2013

iStock_000015671546XSmallBack in late January, 2013, the CRA announced they would be seeking direct feedback on the proposed Formal Pre-Approval Process (FPAP) for SR&ED. You can read more about the FPAP Pilot Project on our blog.

SR&ED Formal Pre-Approval Service Feedback

Although the deadline to be a formal contributor as part of the pilot project has long passed, the CRA is requesting feedback from interested businesses in the form of a web questionnaire. This is the perfect opportunity to have your opinion heard and possibly make a difference to the program. The questionnaire includes 13 questions and 1 section for further comments, and all feedback must be completed by August 1st, 2013.

According to the CRA, the SR&ED Formal Pre-Approval Service is open to businesses that fit the following criteria:

  1. Able to claim SR&ED tax incentives
  2. Not a partnership or sole proprietorship
  3. Will start at least one new SR&ED project during its fiscal year
  4. Is seeking pre-approval for one of the following:
    1. Their whole SR&ED claim and expects to claim 20 or fewer projects
    2. Only one new project that is expected to end within 3 years and the estimated SR&ED expenditures for each fiscal year will be between $50,000 and $1,000,000
  5. Does not have any SR&ED claims under objection with the CRA or in litigation for projects or issues continuing into the time frame of the service
  6. Is up to date with its filing SR&ED claims and does not have more than one year under review

However, no matter your current situation, you are still invited to complete and submit the questionnaire. To read more about the Formal Pre-Approval Service Project or to fill out the questionnaire, visit the CRA website or speak with a BeneFACT Consultant today.