4 Tips for Expediting Your SR&ED Return

We’re starting 2023—and moving through January—with one message in mind: cash is king. While it’s hard to predict what this year will bring, one thing is certain: strong financial health will help your business weather economic challenges, attract and keep top talent, and seize opportunities for mergers and acquisitions.

The CRA typically processes your SR&ED claim within about 60 days of filing. With high interest rates and an uncertain outlook, the sooner you get your refund, the better. Here are three ways to help you get your money faster—and one tip to maximize your return next year.

1. Coordinate with your accountant

• Work with your accountant to set a timeline for closing your books and filing your tax return. Get ahead of the busy season and file before April to receive your refund as quickly as possible.

2. Schedule time with your technical team

• Boast only needs four hours with your technical team, spread over the whole year, to prepare your technical report. We handle the writing for you, so you get every dollar back with minimal time from your top technical experts.

3. Connect your existing systems

• Speed up your claim process by integrating your technical, accounting, and payroll systems with Boast. Automatic classification helps your Boast TSM quickly identify your technical projects and the resources invested. We connect with popular accounting platforms (QuickBooks, Xero, Wave, and more), payroll systems (QuickBooks, Wagepoint, Ceridian), and your technical project management tools like Jira, GitHub, or even CSV files.

4. Work with your CSM to maximize your 2024 return.

• Our Boast team is made up of engineers—we speak your language and understand your R&D. As you plan for the year, we’ll help you identify which projects qualify for SR&ED credits and estimate your refund throughout the year. That way, you’ll have a clearer picture of your cash flow and can focus resources on projects that will maximize your refund. In an uncertain year, this lets you plan investments confidently, knowing what you’ll get back—so your finance team can plan ahead. That’s money you can reinvest in R&D, hiring, extending your runway, or even considering an acquisition.

I’ll be chatting with Kyla Mireault, Director of SR&ED Customer Delivery, this Friday at 12 PM. Follow us on LinkedIn to get notified, and bring your SR&ED questions.