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SR&ED Documentation Claims in Canada - SAU Consulting

SR&ED Firms Canada have been helping Canadian businesses to obtain SR&ED tax credits & prepare and finalize the claim in accordance with CRA. If you want to contact then visit us:www.sauconsulting.ca or call on: (587) 284 3266

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SR&ED Documentation Claims in Canada - SAU Consulting

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  1. SR&ED Documentation Best Practices - SAU Consulting

  2. Chances are, you didn’t magically produce your latest innovation in your head – it took hours of prototyping, tweaking and fixing, and some extra help here and there. If you didn’t document those challenges, how are you going to support your work and make a successful SR&ED claim? To qualify for an SR&ED tax credit, you must show that you attempted to advance technology, you faced challenges. Documentation is extremely important so that you can support your claim, regardless of its size.

  3. SR&ED Documentation Requirements The CRA requires that documentation is: 1. Contemporaneous – this means that it is documented at the time the SR&ED work is done. 2. Dated – to prove that the work occurred in the fiscal year you are claiming. 3. Highlights technological issues/challenges – to support the technical reports that will be submitted with the claim.

  4. Forms of Documentation Still unsure what counts as adequate documentation? Here are common forms of documentation (that you are hopefully already using) that can be used to support your software SR&ED claims Canada: Timesheets Technical challenges Version control for all technical documents Software prototypes Whiteboard photos In other industries, you can also include product prototypes and associated materials, and engineer notebooks.

  5. SR&ED Documentation Tips Don’t underestimate the importance of challenges and notes captured in emails. Start recording early, even if you aren’t sure if your work is SR&ED eligible yet. Schedule reminders to create notes in your project management system. Schedule reminders to record your time at the end of every day. For software companies, record notes on the source code itself. Enlist an internal champion to oversee the process.

  6. Contact Us ADDRESS Suite  1901 777 – 8th Avenue SW, Calgary, Alberta, T2P 3R5 EMAIL ADDRESS info@sauconsulting.ca PHONE NUMBER (587) 284 3266 WEBSITE https://www.sauconsulting.ca

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