SR&ED claim processing times are a bit of a mystery sometimes. When you file an SR&ED Tax Credits claim, you want to ensure that you know what to expect from the process. This includes familiarizing yourself with the different claim processing times. Because there are various types of claims that you can file, each of them has a different set of service standards. By gaining a better understanding of how long each claim takes to process, you can be better equipped to prepare your own claim.
Here are some guidelines to consider as you work on filing an SR&ED claim.
Factors That Influence SR&ED Processing Times
Before filing a claim, it’s important to note that the total processing time is influenced by certain factors. As a result, not every claim will be processed within the same time frame.
One of the most pertinent factors is the type of claim that you’ve filed. Different claims are associated with different service standards, and this directly impacts the amount of time it takes to process them. Additionally, be sure to consider whether your claim qualifies as an amended claim. Amended claims have varying processing times, so keep this in mind as you submit your claim for CRA SR&ED review.
To better understand the expected processing time for your claim, it’s crucial to acquaint yourself with several key service standards. Recent statistics released by the Canada Revenue Agency indicate that the following standards apply:
- Refundable claims: 120 calendar days of the date we receive a completed claim
- Adjustments to refundable claims requested by the claimant: 240 calendar days of the date we receive a completed claim
- Non-refundable claims: 365 calendar days of the date we receive a completed claim
- Adjustments to non-refundable claims requested by the claimant: 365 calendar days of the date we receive a completed claim
It’s our goal to meet these standards 90% of the time. If you are a Canadian Controlled Private Corporation (CCPC), you can expect your claim to be processed within 4 months at least 90% of the time. However, there are exceptions to this if your claim is an adjustment to the prior year. In this case, your claim may take up to 8 months to process.
Keep these service standards in mind as you begin to file your claim. While every claim is different, these general guidelines can help give you a better idea of how long it typically takes for a claim to be fully processed.
File Your SR&ED Claim Successfully
After you’ve finished filing your claim, it’s important to keep these SR&ED Tax Credits guidelines in mind. Depending on your file, these standards will change. That said, if you understand these standards,processing times will not be a mystery.
Whether you’re a Canadian Controlled Private Corporation or a non-CCPC, it’s crucial to be aware of the various requirements and guidelines for your specific claim. This will help ensure that you get the most out of the filing process and that your claim is processed within its expected time frame.