It is common knowledge that a company has 18 months following their fiscal year end to submit a claim for SR&ED Investment Tax Credits (ITC). The claim can be submitted concurrently with a T2 or filed later as an amendment. However, the time you will wait before receiving your SR&ED ITC or cash depends on three factors: (a) how the SR&ED claim is submitted, (b) when it is submitted, and (c) whether the claim triggers a review. When a SR&ED claim is submitted as an amendment, the CRA will typically review it within 8 months following submission. If a SR&ED claim is filed concurrently with your annual tax return, the CRA will usually process the claim within 3 months following submission. Provided your SR&ED claim doesn’t trigger a CRA review or an audit, your refund will be on the way shortly after the claim is processed. It is also not […]
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