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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;
Extended by–six–months–or–to–December–31st–2020, whichever date comes first.
Corporations with tax year ends from–September–13th–2018, to–December–31st–2018, that had an SR&ED reporting deadline from–March–13th–2020, to–June–30th–2020, are extended by six months.
Corporations with tax year-ends from–January–1st–2019, and to–June–29th–2019, that would usually have an SR&ED reporting deadline from–July–1st–2020, to–December–29th–2020, are extended to–December–31,–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:
To read the official announcement,visit the CRA’s website here.