Prepare for the CRA Review

SREDable prepares you for the CRA

SREDable has all the rules and interpretation bulletins of SR&ED built right in. Using SREDable together with SRED TIME will ensure that you meet the CRA’s new audit standards. The CRA standards are black and white, pass or fail. If you meet CRA standards you pass, if you don’t, you fail. SREDable secures you against failing the CRA test.

Here’s how the CRA explains its pass/fail system in a Letter to a Claimant

“Future claims must be supported by timesheets (preferred) detailing what SR&ED activity was carried out on a regular basis. In the absence of timesheets, other acceptable documents such as log books, supervisor’s log book, currently attainable standard cost rates (not loaded rates), etc., must be provided to support the basis on which time was allocated to a particular SR&ED project.”

“Future claims must be supported by contemporaneous evidence that substantiates SR&ED work was done in the claim period and qualifies it as SR&ED. Work for which you have no relevant supporting evidence will be disallowed. Examples of supporting documentation are listed in Appendix 2 of the T4088 Guide to Form T661. The evidence to support your claim that you indicate in Part 2 of the T661 form; (lines 270-282) should exist and be readily available at the request of the CRA.

Failure to maintain adequate financial books and records, or evidence to support the eligibility of the SR&ED work will result in the disallowance of your future SR&ED claims, and may result in penalties being applied.

Using SREDable together with SRED TIME will ensure that you meet the CRA’s new audit standards.