We’re kicking off (and cruising through January) 2023 with one phrase on repeat: Cash is king. We can’t say with confidence what 2023 will bring, but we know that strong financial health will be critical for businesses to persevere through strong economic headwinds, hire and retain top talent, and capitalize on opportunities for mergers and acquisitions.
The CRA will process your SR&ED tax claim around 60 days after filing. Interest rates are high, and this year’s outlook is uncertain – the sooner you get that cash in the bank, the better off you’ll be. Here are 3 ways to help expedite getting your refund check, and 1 tip for maximizing your return next year.
1. Coordinate with your accountant
- Talk to your accountant and build a timeline for closing your books and filing your tax return. Stay ahead of the busy season and get filed before April to ensure cash back as quickly as possible.
2. Plan time with your technical team
- Boast only needs four hours with your technical team, spread throughout the entire year in order to build out your technical report. We write the report for you, ensuring you get every dollar back with limited commitment from your top technical experts.
3. Integrate your existing systems
- Expedite your claim preparation process by integrating your technical, accounting, and payroll systems with Boast. Auto classification will speed up your claim process, helping your Boast TSM quickly identify your technical projects and resources invested. We integrate with common accounting (Quickbooks, Xero, Wave, and more) and payroll systems (Quickbooks, Wagepoint, and Ceridian), and your technical project management systems in Jira, GitHub, and via CSV.
4. Partner with your CSM to maximize your return for 2024.
- The Boast team is full of engineers. We speak your language. We understand your R&D. As you’re planning for the year, we can help you understand which projects qualify for a SR&ED credit, and estimate your return throughout the year, so you have better insight into your refund amount and can allocate resources on projects you know will maximize your cash back. As we face an uncertain year, that means you can strategically plan investments knowing the dollars you’ll get back, and your finance team can plan for that return. That’s cash back to reinvest in R&D, to hire, to extend your runway, or think about that acquisition.
I’ll be chatting with Kyla Mireault, Director of SR&ED Customer Delivery this Friday at 12 pm. Follow us on LinkedIn to be notified, and bring your questions about SR&ED claims.