Getting started now will pay off

2024 fiscal cycle and refundable tax credits

Managing your tax obligations isn’t always exciting, but it’s essential to your company’s financial health. It’s already the end of November, and now is the time to take action to benefit quickly from your refundable tax credits, which will strengthen your company’s financial flexibility and make it easier to manage your operations.

For companies with a December 31 fiscal year-end, we strongly encourage you to finalize your technical report before the end of the year to support your claim for tax credits. This will enable you to submit your tax reports early in the year, including the T2 form for the federal government and the CO-17 return for Quebec.

The sooner you get in touch with your accountant and the specialist handling your R&D tax credit claim, the better for your company. It is therefore advisable to send your tax file to your accountant no later than February 15, as the tax advisors’ availability diminishes will be greatly reduced due to their increased workload during this period.

Submitting your tax returns before March 30 will significantly speed up your tax refunds. Late filing, on the other hand, can lead to delays of several months and additional costs, such as substantial interest and penalties.

Proactive management of your tax obligations includes:

– Filing your tax claims within three (3) months of your fiscal year-end (March 30       
  for companies with a December 31 fiscal year-end)

– Filing and paying your GST-QST tax returns on time

– Managing your D.A.S. reports and payments on time

– Producing your T4 summaries by February 28 (regardless of your fiscal year-end)

In our experience, failure to meet these obligations with revenue agencies raises red flags and can result in technical or tax audits, causing delays of several months in the processing of tax credit refunds.

In short, companies that are diligent in filing their tax returns demonstrate their commitment to rigorous and responsible tax management, which contributes to easier and more productive relationships with revenue agencies, much faster access to tax refunds and lasting financial stability.

About us

R&D Capital is the Canadian expert in the financing of research and development tax credits (SRED), e-business tax credits and multimedia tax credits. Don’t hesitate to contact us. You’ll receive fast, courteous and straightforward service, and within 10 working days you’ll know what financing is available to you. For more information, you can reach us by e-mail at pbinette@rdcapital.ca or at (514) 798-0493, ext. 222. We look forward to helping you realize your projects and ambitions.