First time SR&ED claimants are not always cognizant of the fact that if you miss a SR&ED filing deadline you lose the tax credits. There are no opportunitiesfor extension requests and under normal circumstances you cannot appeal a missed deadline.
The SR&ED reporting/filing deadlines are as follows:*
For corporations it is 18 months after the tax year-end;
For individuals with a business it is 17.5 months after the calendar year-end; and
For trusts, the deadline is 15 months after the tax year-end.
The above are legislated pursuant to subsections 37(11) and 127(9) of the Federal Income Tax Act. So for example, a corporation with a December 31 fiscal year end,wishing to file an SR&ED claim for expenditures incurred in the 2014 fiscal year, must file by June 30, 2016. Anything filed past this date will not beeligible for Investment Tax Credits.
CrossDynamix advisors are experts at scoping and filing claims, often within short time periods. If you wish to claim SR&ED expenditures for the 2014 and later fiscal years pleasecontact us for a free consultation.