At SR&ED Consultants Inc., we understand the importance of timely and accurate SR&ED claim submissions. For businesses looking to fully benefit from the SR&ED program, it’s critical to understand the two key filing deadlines: the 6-month original filing deadline and the 18-month final filing deadline. Your submission timing can greatly impact the processing and review of your claim.
🔹 6-Month Deadline: Filing by this deadline ensures that your SR&ED claim is submitted alongside your corporate tax return. This results in a faster #CRA response time (usually within 60 days) and is often viewed more favorably by the CRA, as the claim is filed when financial and technical records are most accurate. This minimizes the risk of errors that may occur when filing later.
🔹 18-Month Deadline: While you can still file up to 18 months after the fiscal year-end, this is considered the final deadline. Claims submitted after the 6-month mark may be viewed as amended and could face more scrutiny. Processing times remain around 60 days, but there is a greater risk of missing out on vital claim details if they are not as fresh in memory.
Example Filing Deadlines:
Fiscal Year-End: Dec-20
6-Month Deadline: Jun-21 (CRA response time of 60 days)
18-Month Deadline: Jun-22 (CRA response time of 60 days)
Filing within the original 6-month window ensures quicker processing and a stronger, more accurate claim. At SR&ED Consultants Inc., we encourage all clients to prioritize early filing to maximize the benefits and efficiency of their SR&ED claims.
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