G6 Consulting Inc Canada's R&D Tax Credit Experts
SR&ED Filing Deadline (2021 Update)
This is the second time that the CRA has extended some filing deadlines due to the Covid-19 pandemic. The earlier extensions, announced June 25, 2020, were quite broad and extended some deadlines by up to 6 months. That previous extension was the first time in SRED program history that the CRA had ever extended filing deadlines. SRED deadlines are hard deadlines, unlike the filing deadlines for individual T11 and corporate T2 returns. If you file after the deadline, your SRED filing will be returned unopened.
SR&ED Filing Deadline
The SR&ED filing deadline is 18 months after the fiscal year end in which SR&ED qualifying work occurred.
For example, a company with a December 31st 2020 year end (which covers Jan 1 2020 to Dec 31 2020), has until June 30th 2022 to file SR&ED for the 2020 calendar year.
It is also important to note that it is best practice to file SR&ED jointly with your corporate taxes within 6 months of your year end. If filed between 6 and 18 months after the fiscal year end in question, your SR&ED must be filed as an amendment.
G6 Consulting can handle the end-to-end process of SR&ED on your behalf from completing your technical write up in such a way as to ensure CRA approval, right through to filing your SR&ED. Moreover, we do not get paid until you get your money from the CRA. Contact us today for a free consultation.
2021 Covid Extension of SR&ED Deadline
On June 7th, the CRA extended the SR&ED filing deadline for businesses with fiscal year ends of November 30, 2019, December 31 2019, January 31 2020, and February 29, 2020 until September 1, 2021. Here is an excerpt from the CRA, full details can be found here; https://www.canada.ca/en/revenue-agency/services/scientific-research-experimental-development-tax-incentive-program/whats-new-program.html
As part of the federal 2020 COVID-19 measures, the filing due-dates for corporate income tax returns for tax year-ends from November 30, 2019, to February 29, 2020, were extended to September 1, 2020, which means the federal SR&ED reporting deadlines for these tax years has been extended to September 1, 2021.
An important disclaimer is that this extension does not apply for British Columbia and Nova Scotia provincial credits. Again from the CRA; https://www.canada.ca/en/revenue-agency/services/scientific-research-experimental-development-tax-incentive-program/whats-new-program.html
British Columbia and Nova Scotia corporations with a December 31, 2019 tax year-end should file their Forms T661, T2SCH31, T666 British Columbia (BC) Scientific Research and Experimental Development Tax Credit or T2SCH340 Nova Scotia Research and Development Tax Credit, and other relevant forms at the latest, June 30, 2021.
For more information go to British Columbia Scientific Research and Experimental Development Tax Credit and Nova Scotia Research and Development Tax Credit for tax year-ends from November 30, 2019, to February 29, 2020.
G6 Consulting Inc has over 12 years of experience specializing in the SR&ED program. SR&ED experts such as G6 often work on a contingency basis, with payment only based on a percentage of SRED credits once received. You can contact G6 for a free consultation here. https://www.g6consulting.ca/contact/
