Filing Accurate SR&ED Claims

Filing SR&ED Claims

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In April 2022, the Canadian Government provided a reminder for Canadian companies filing for the popular Scientific Research and Experimental Design (SR&ED) program, warning businesses about filing accurate tax credit claims. 

The statement stated, “The Canada Revenue Agency (CRA) has observed a recent increase in Scientific Research and Experimental Development (SR&ED) claims containing false and/or fraudulent information. While the vast majority of claims filed for SR&ED tax incentives are compliant with filing requirements, the CRA is reminding you to make sure the information provided in your claim, including information submitted on your behalf by a representative, is valid.” https://www.newswire.ca/news-releases/tax-tip-important-reminder-for-businesses-filing-sr-amp-ed-claims-869877748.html 

Boast supports this recommendation and advocates all claimants to follow best practices in SR&ED claim preparation. This includes:

  1. Gathering accurate data
  2. Understanding qualifying criteria, including what projects may be fraudulent or ineligible for SR&ED
  3. Authoring accurate technical claims reports
  4. Maintaining supporting documentation and data

We suggest companies utilize a technology platform like Boast, along with Boast SR&ED experts to prepare accurate and maximized claims. 

Boast files thousands of claims a year and maintains the latest laws, rules, and regulations in their software, including benchmarks and industry comparisons.

Contact us for a complimentary SR&ED assessment