Want to know how quickly you can get your SR&ED claim processed? The CRA just updated their SR&ED Service Standards from April 1 to September 30, 2014 so you have a better understanding of how long your claim will take, on average.
The SR&ED claim service standards are:
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- Refundable claims (this is typically SME’s who fall under the CCPC category) – 120 calendar days from receipt of a complete claim
- Non-refundable claims (this is typically a large CCPC or non-CCPC) – 365 calendar days from receipt of a complete claim
- Claimant-requested adjustments to refundable claims – 240 calendar days from receipt of a complete claim
- Claimant-requested adjustments to non-refundable claims – 365 calendar days from receipt of a complete claim
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According to the CRA, they are committed to meeting these service standards 90% of the time. During the previous period, they met them 95% of the time, which is just slightly lower than than the previous period where they met their standards 96% of the time.
SR&ED Claims Success Rates and Average Processing Times
As Reported Between April 1 and September 30, 2014
We’ve highlighted the % and days changes from the previous period year so you can compare.
|
Type of Claim |
CRA Success Rate |
Average Days within CRA’s control |
Average Days outside CRA’s control |
Total Average Time (days)* |
|
Refundable claims 120 Days |
95% (-1%) |
44 (+4) |
29 (+1) |
73 (+5) |
|
Refundable claimant-adjusted claims 240 Days |
93% (-3%) |
117 (+5) |
58 (+2) |
175 (+3) |
|
Non-Refundable claims 365 Days |
96% (0%) |
94 (-3) |
80 (+1) |
174 (-1) |
|
Non-Refundable claimant-adjusted claims 365 Days |
95% (+2%) |
162 (+6) |
91 (-29) |
253 (-23) |
|
All claims |
95% (-1%) |
72 (+4) |
46 (-1) |
118 (+3) |
* The average days within CRA’s control and the average days outside CRA’s control may not add up to the Total Average time due to rounding.
If you’re considering filing a SR&ED claim but thought you’d just put it off and file within an 18-month timeframe, think again. If you’re a Canadian SME and you file within six months of your fiscal year end, you could potentially use your refundable claim money within 3 months or 73 days on average.
We don’t know about you, but we prefer to have money in the bank sooner rather than later!
