SRED From The Shed: Episode 4 – Evidence 

Flow Ventures | January 21st

SRED From The Shed:

Episode 4 – Evidence 

So you think you have a SR&ED claim, eh? Prove it! On this episode of #SREDFromTheShed we take a quick tour of the world of SRED evidence, its importance, and some suggestions on how to make it robust should you ever get into an audit.

Though #CRA doesn’t mandate that “Thou shalt keep time sheets!” they do require that evidence be collected to substantiate both the work conducted and the expenses claimed. If you don’t have supporting evidence an audit can be a nightmare and cost you the ENTIRE VALUE of your claim, EVEN IF CRA agrees that the work was SR&ED!

That said, if a robust (but NOT time consuming) SR&ED evidence strategy is set out and followed through the year audits are easily addressed.

In this episode we discuss some simple tips to help build a SR&ED evidence strategy, focusing mostly on substantiating the expenses claimed.