CRA Processed Refundable SR&ED Claims Within 68 Days On Average Last Year

There is no need to wait any longer.

This morning the CRA published their updated SR&ED Service Standards from April 1, 2013 to March 31, 2014. These standards are meant to inform claimants about the average time it takes for submission to approval. The SR&ED claim service standards are:

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• refundable claims – 120 calendar days from receipt of a complete claim
• non-refundable claims – 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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Overall, the CRA has been successful at meeting these service standards 96% of the time. (That’s an A++ in our books!)

We found the total average time for refundable claims the most interesting (and successful) timeframe listed in the Success Rate and Average Processing Times table below. The CRA has shared that, on average, it only takes 68 days to process refundable claims that have been submitted within 6 months of the fiscal year end. This is ideal for up-and-coming companies, as it only takes a few weeks for the money to show up in your bank account after you receive your Notice of Assessment.

Success Rate and Average Processing Times

April 1, 2013 to March 31, 2014

* 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.

So, 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 file within 6 months of your fiscal year end, you could potentially use your refundable claim money within 3 months.

We don’t know about you, but we prefer to have money in the bank sooner rather than later!