SRED Claims Guide
The SR&ED Technical Review: A Guide for Claimants
The SR&ED Technical Review Guide, released by the CRA in 2015, is a concise guide on the process that the CRA undertakes when internally reviewing any SR&ED claims. It’s highly beneficial to any organization looking to put together their own scientific research and experimental development claim, to read through the guide and fully understand the process that one must follow when claiming SR&ED tax credits.
Note that the newly updated guide has cancelled and replaced the “Guide to Conducting a Scientific Research and Experimental Development Review” that the CRA released back in the year 2000.
The new guide is packed with helpful materials, including questions used to help determine eligibility of projects for SR&ED tax credits. Some of the sample questions in the guide include the following:
- Was there technological or scientific uncertainty?
- Was a hypotheses formulated; specifically aimed at eliminating the above mentioned uncertainty?
- Did the approach of the project remain consistent with a systematic search; testing the hypotheses through analysis or experimentation?
- Was the project undertaken to achieve a technological or scientific advancement?
- Was there a complete record or work progress kept; from hypotheses to testing, and to the breakthrough?
Not only does the guide help those that are starting a SR&ED claim, it also contains information about the process of reviews; specifically technical and financial reviews that are usually done on projects that have SR&ED claims.
The entire SR&ED process can be quite a consuming task for an organization; this is why many organizations find SR&ED consultants to be invaluable. Not only do SR&ED experts provide assistance with the technical and financial reporting necessary for your SR&ED claim, but also help you to identify qualifying activities or projects. Finally, having a skilled SR&ED consultant will give you peace of mind with your claim, as any CRA audits or rejections of claims will be defended or appealed on your behalf.