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SR&ED was pretty decent for me this year. I claimed almost $120k in qualifying expenses (a roughly $90k salary for myself and the proxy amount). I spent about
by HorizonXP 11y ago
SR&ED was pretty decent for me this year. I claimed almost $120k in qualifying expenses (a roughly $90k salary for myself and the proxy amount).
I spent about two weeks putting together the application (along with the rest of my corporate tax return, so time was spent there too), and wrote up a few pages about the software development work that we did.
It took about 2 months for them to respond, and I was approved without a request for additional supporting documents. I received $48k.
I don't think I'll try and apply for it again next year, since I think it's going to be harder to justify the time expense, but overall, it wasn't so bad for a small claim.
I can certainly see how larger claims than mine become onerous though.
- tlb 11y agoTwo weeks! Neglecting the rest of your startup for 2 weeks can easily kill 10% of its long-term potential. For $48k, so if you value your startup at more than $480k, you shouldn't do it. (Taking a 2-week vacation doesn't do that, because you're fresh and energized afterwards, rather than beaten down by the grim bureaucracy).
- HorizonXP 11y agoPrecisely why I wouldn't do it again. Right now, $48k was the difference between paying myself, or not. In the future, as we grow, that hopefully won't be the case.
- sospep 11y ago> I spent about two weeks putting together the application > I received $48k. > I don't think I'll try and apply for it again next year This doesn't compute.