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Federal Government extends SR&ED Tax Credit filing dates with quicker returns during COVID-19 crisis.

Invennt are a trusted and respected partner of the Canadian Construction Association (CCA) and an influential voice working collaboratively to identify solutions for our clients across Canada. Be sure to check back regularly and subscribe for updates.

What does the extension mean for Canadian construction companies

Extended SR&ED Deadlines means companies have more time to make their claims for Scientific Research and Experimental Development. The CRA has also increased their turnover time for analyzing and completing the claims, allowing costs to be recuperated faster during the current climate.

The extension works as follows, taken from the CRA website guidelines;

Corporations

Extended bysixmonthsortoDecember31st2020, whichever date comes first. 

Corporations with tax year ends fromSeptember13th2018, toDecember31st2018, that had an SR&ED reporting deadline fromMarch13th2020, toJune30th2020, are extended by six months.

Corporations with tax year-ends fromJanuary1st2019, and toJune29th2019, that would usually have an SR&ED reporting deadline fromJuly1st2020, toDecember29th2020, are extended toDecember31,2020.

How can Canadian construction companies benefit from faster returns? 

Previously it’s taken anywhere between 6-12 months for companies to receive their SR&ED refunds, however, we have seen first-hand with our clients that the CRA is working tirelessly to ensure companies are getting their tax credits back fast, with one of our clients receiving their SR&ED credit within 8 weeks. This allowed them to put their well-deserved tax credit back into their bottom line, giving them a much-needed boost during the crisis.

Invennt’s team of construction specialists are working tirelessly with our partners and clients across Canada to ensure companies receive their fair share of the SR&ED tax credits and with a quick return. Whether it’s your first time claiming, or you’ve claimed before, there is no better time then now to take advantage of these valuable tax credits and ensure your business has the added financial support it deserves.

Do not let your hard work go to waste, contact our team for a free exploratory review and let us do all the heavy lifting. When you work with Invennt to get your SR&ED tax credit claimed, we only require a few hours of your time to get back the biggest claim possible. Watch the explainer video below to find out more:


Book your free exploratory review now.

To read the official announcement,visit the CRA’s website here.

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