(For those of you with a December 31st close)
Well here are we again in November which clearly indicates the beginning of winding up the year for 2017.Whether you have a Dec 31st year end or not, this is the time of year when you are most likely getting as many of your 2017 projects finalized as possible so you can start 2018 with a relatively clean sheet of paper to make room for your plans and projects beginning in 2018.
It’s also a great time to be making sure you have all your SR&ED projects and related activities and expenses well documented and ready to be handed over to you Finance Dept. early in the new year as they prepare to close out the year and prepare the year’s Tax Return.
As we all know identifying, collecting and documenting SR&ED projects is best accomplished on an ongoing basis, ie not waiting for the last minute when the controller asks for your claim information. However, sometimes it just happens that we tend to slip and let these SR&ED duties slide.
If by some small chance you happen to be in this situation now, at least you have time to save face and to recover nicely. Catching up sometime in January or February is going to be a lot harder.
So, this is your Annual Reminder, and, your time to make sure your company is in a position to get the most financial benefit from the program by preparing now.
As always, you know where we are if you or anyone you know needs help with this. Just give us a call. By the way, here is a link to the latest CRA SR&ED Service Standards data; see how you compare. SR&ED Program Service Standards