In an effort to remain as transparent as possible, the CRA complies with a “standard of service” in regard to the SR&ED tax program, committing to attain these standards 90% of the time.
The CRA standards of service for delivering tax credits in a timely way are outlined in the results as follows:
These deadlines do not include situations outside of CRA control.
Late last week it was released that from April 1, 2012 to March 31, 2013 the CRA was well within their standards with 96% of claims being met within these deadlines.
One of the most common questions asked when starting a claim is how long it will take to see the benefits in return. It’s important for the CRA to remain transparent about these deadlines as companies are, in some situations, making purchases and doing business based loosely around when they will receive credit. It’s promising to see the CRA is upholding their deadlines as it makes the job of a consultant – to help the claimant as much as possible – that much easier.
To read more about CRA standards, please visit the CRA website, or contact a BeneFACT Consultant for further explanations of the deadlines set by CRA.