SRED Update: No New Audits & A CAUTION!

Flow Ventures | May 15th

*** #SRED Update: No New Audits & A CAUTION! *** 

#CRA’s SRED program has been the fastest acting Federal support to the #InnovationEcosystem during #Covid19, leading the emergency support efforts. Through April, they adapted nimbly to support eligible companies claiming SRED with the funds they need to survive Covid19; bridging the gap until other emergency funding launched!
CRA announced that “For the time being, no new reviews/audits will be started and existing reviews/audits will be completed as soon as possible;” – another step taken to advance SRED claims quickly. My applause to Jason Charron and the SRED team!

A CAUTION: This is not carte blanche to submit unsubstantiated claims! CRA reiterated that, “Claims accepted at this time may be subject to review/audit at a future date to ensure eligibility” – a right they always had. The overwhelming majority of companies file appropriately. For any others thinking it’s a good time to “pad” their SR&ED claims or to submit claims that are do not meet the SR&ED criteria, I would caution that this is EXACTLY NOT that time – nor is ever!

Valid SRED claims should always be filed. This is the time to shore up your evidence collection regime and ensure your claims are even MORE solid, however, not less. #reboundstrong #savetechjobs