June 30th, 2013 marks the CRA absolute deadline for December 31, 2011 fiscal year-end claims. Around 70% of all claims submitted observe this date, making it the busiest time of year for the Scientific Research and Experimental Development community. If you have yet to look at your own claim, never fear. There is still time to reap the benefits of this generous program, but there are a few things you should know first.
Along with the traditional business tax forms, a SR&ED claim requires the following:
If your tax return has already been filed you have until your absolute deadline to add the SR&ED claim to the return. The CRA will allow for a reassessment for the addition of the SR&ED claim.
What is SR&ED? The Scientific Research and Experimental Development (SR&ED or SRED) tax credit program offers over $3 billion yearly to companies involved in innovation and R&D activities in Canada. If your company is pursuing projects related to technological advancement, they may qualify for the program. To see if your activities are eligible, or to learn more about SR&ED in general, call a BeneFACT company consultant today for a free consultation Toll Free: 1-855-TAX-BACK (829-2225)
*The information above is meant for informational purposes only, and not to be used as financial or legal advice.