In order to increase the cash flow of businesses, the provincial agency is speeding up the payment of refundable credits. A portion of the SR&ED and E-Business tax credits is thus paid in a very short time without going through the usual examinations. The balance will be paid at a later date after the necessary reviews. So, do not be surprised if you receive a lower-than-expected refund.
Based on information provided to our team, Revenu Quebec pays an initial amount corresponding to 50% or 80% of the total amount of refundable credits requested while reserving the right to review the claim at a later date. This allows, in some cases, to accelerate the payment of a portion of the credits by up to five months (i.e. 30 days instead of the usual 180 days).
Our recommendations therefore stay the same. Do not delay the filing of your SR&ED and E-Business claims. You can receive your refunds very quickly, either from the CRA or Revenu Quebec.
As the situation we are experiencing is exceptional and constantly evolving, the information contained in this article may be subject to change. Emergex SR&ED Consultants is closely monitoring the situation and staying apprised of any new information that could significantly impact your claims. We remain at your disposal during this crisis and are ready to answer any questions you may have.
