Most of the time, a company will undertake a SR&ED project even if they are not going to submit a claim under the SR&ED program. We tell our clients that the government is paying you to keep records. As a result, one of the most profitable activities your staff will work on during the year is tracking their SR&ED activities, if a simple system is designed.
Unfortunately, most companies don’t bother trying to develop any system, or they develop a very complex system that is too cumbersome to use. There are two elements to a successful SR&ED activity tracking system:
- A simple template to record the information. This template can be paper based, Excel-based, Word-based or Web-based. MSN can show you all of these options and we can work with you to select the one that best fits your business.
- Employee habits to record the information. Sometimes the technical employees or managers are not the best person to be tracking this information. Admin, office staff or other organized employees and managers may be better candidates. Some of our clients find it best if one person tracks the SR&ED activities, while others find a team approach is better. Every company needs to customize an approach that works for them. MSN can help you and will show you successful approaches that other clients have adopted.
CRA has denied or reduced valid claims by 50% or more because time tracking records are not maintained in real time. It’s a shame to miss out on the “SR&ED annuity” because a simple tracking system hasn’t been developed. Let MSN help you develop a simple system that works for you.