By the end of this lesson you will able to understand how to work with your accountant for a SR&ED project, how to complete the SR&ED Cost Worksheet accurately and how to identify eligible SR&ED expenses.
Before you start plugging numbers into your spreadsheet (in the next lesson), take a step back and make sure your story—and your numbers—line up.
Start by meeting with your accountant. Walk them through how you’ve defined each SR&ED project and how the work is divided across employees, contractors, and materials. When they understand the logic behind your projects, they can record costs accurately and help you avoid messy mix-ups later.
The official documents that make up the formal submission to CRA are:
These forms are filed together with your T2 return or as an amendment if you’re filing after year-end.
Resource
Download the following checklist to review with your accountant and make sure your SR&ED financial package is complete, accurate, and supported by documentation.
SR&ED – Financial Package Checklist.pdf
Tip!
Preparing for SR&ED may be a good time to make sure your accounting records are clean and up to date. A well-organized set of books doesn’t just keep CRA happy—it makes your accountant’s job easier and speeds up your refund.
