In an article penned to newswire on April 6th, 2022, by Canada Revenue Agency (CRA), CRA has unfortunately seen an increase in fraudulent/false information provided with the SR&ED Tax Credit. CRA wants to assure everyone that many Canadian companies are filing correctly but it is something that they are closely monitoring. With that in mind, how does this effect your companies next SR&ED Claim?
For a start, it is important to note that you are responsible for the representations made by both yourself and your representative. Any false or fraudulent information can result in hefty fines or worse… Another issue that may arise due to fraudulent documents is that CRA will conduct more reviews/audits in the future to make sure all technical and financial information is in accordance with their rules and regulations. This can be costly and delay the receipt of any credits for months if not years.
CRA’s mission of this program is to encourage innovative companies across Canada but these claims must be legitimate. When preparing and submitting a claim, your company wants to ensure that all documentation and required forms are complete and prepared in line to meet their requirements. There is specific criteria and thousands of interpretations to consider when submitting a claim. How does a company go about doing this?
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Work with a company that values your reputation as much as our own. Contact Braithwaite Canada Today to put your mind at ease with CRA.
Canada Revenue Agency, Tax Tip – Important reminder for businesses filing SR&ED claims
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