3 Keys to Tax Credit Reviews
Methodology, Eligibility and Documentation
Successful SR&ED claims are built by, engineer driven industry experts, like the Technology Initiatives Group Ltd. For claim purposes preparation is the key to a successful tax claim, as well as protection against any CRA audits or reviews.
SR&ED program experience is required to validate:
- Your advances and content
- The experimental methodology and
- Technical descriptions
The CRA SR&ED Review Process
The Canadian Revenue Agency (CRA) validates all tax credit claims through a 2-step process procedure:
- First claims are processed and scanned for inconsistencies or errors
- Secondly Notices of Assessment are issued
Notices of Assessment may either:
- Reject a Claim or
- Request further review
Types of SR&ED Tax Credit
In the event that further information is requested, business can expect one of three review types:
- Desktop reviews are a manual read-through of all technical information.
- Financial Only
- Financial reviews are only concerned with financial documentation.
- Financial and Technical
- Financial and Technical Reviews are the most in depth because they delve into both into financial and technical aspects in addition to on-site interviews.
A CRA review can have a negative impact on the overall operation of your business, as it takes away precious resources and time to ensure your claims are valid. By using an SR&ED expert, you will be protected by any CRA reviews, as you will have a highly skilled and trained expert to defend all your claims.