SR&ED deadlines are written in stone, and extremely strict. There are literally no excuses ever accepted for missing your 18-month filing deadline. Your business could burn down, you could face a natural disaster, someone could die, no excuses were ever accommodated before. Unlike other programs, SR&ED deadlines cannot be changed without an act of law or act of parliament.
Well, folks, we’re witnessing SR&ED history today. Here’s the law that came into effect: Time Limits and Other Periods Act (COVID-19)
“Corporations with tax year ends from September 13, 2018, to December 31, 2018, that had an SR&ED reporting deadline from March 13, 2020, to June 30, 2020, are extended by six months.”
This is an unprecedented announcement. It’s so profound, we at Bond Consulting Group can barely believe it. This is the first time that deadlines have been extended since the inception of the program over 35 years ago.
What does that mean?
If you had a September 30, 2018 fiscal year-end that did not file your SR&ED claim by March 31st, 2020, your new deadline is September 30, 2020.
If you had an October 31, 2018 fiscal year-end that did not file your SR&ED claim by April 30th, 2020, your new deadline is October 31, 2020.
If you had a November 30, 2018 fiscal year-end that did not file your SR&ED claim by May 31st, 2020, your new deadline is November 30, 2020.
If you had a December 31, 2018 fiscal year-end that did not file your SR&ED claim by June 30th, 2020, your new deadline is December 31, 2020.
We encourage any business owner or MPC (Medical Professional Corporation) to seek out an SR&ED eligibility assessment if your fiscal year-end is on the list (September, October, November, or December), and you missed your 18-month deadline earlier this year during the COVID shutdowns.
This article was written by Julie Bond, President of Bond Consulting Group. For more SR&ED articles, visit our Blog. To learn more about SR&ED, visit our Video Learning Centre.
