*** #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!