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SR&ED Mandatory First Time Claimants Review: CRA has initiated these meetings as a result of the 2013 Federal Budget, whereby CRA was allocated more budget dollars to provide outreach to SR&ED Claimants. Essentially CRA now has the mandate to visit all first time claimants in one of two scenarios. The first scenario is a full SR&ED review. These meetings are reserved for when they consider the SR&ED claim and claimant to be of higher risk in that they either perceive the work or project claimed may not meet the definition of SR&ED, or the expenditures claimed may not be appropriate. The second stream, the Mandatory First Time Claimants Review meeting, is reserved for first time claimants where CRA has assessed a low risk. The purpose of this program is to educate first time claimants about SR&ED and other SR&ED services the CRA offer, as well as to discuss ongoing and future SR&ED claims. They will want to do a site visit and perhaps a facility tour, if appropriate, and discuss any SR&ED claimants are currently working on. CRA was very clear that this visit is not a review of the claim made and that the claim made will be assessed as filed. CRA will hold off on issuing the assessment and associated SR&ED refund until the meeting has taken place to ensure that these meetings do happen.
Claimants should expect the meeting to be very cordial with CRA and should be prepared to discuss the SR&ED projects they are currently working on, any future planned SR&ED projects, and record keeping methods (for both technical and financial information). After this meeting CRA will issue the claimant a letter that outlines the SR&ED work, expenditures in respect of the SR&ED work, and recommendations for future claims.
Related Topics:Scientific Research and Experimental Development
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