Want to know how quickly you can get your SR&ED claim processed? The CRA just updated their SR&ED Service Standards so you have a better understanding of how long your claim will take, on average.

The SR&ED claim service standards are:

• Refundable claims (this is typically SME's who fall under the CCPC category) - 120 calendar days from receipt of a complete claim
• Non-refundable claims (this is typically a large CCPC or non-CCPC) - 365 calendar days from receipt of a complete claim
• Claimant-requested adjustments to refundable claims - 240 calendar days from receipt of a complete claim
• Claimant-requested adjustments to non-refundable claims - 365 calendar days from receipt of a complete claim

According to the CRA, they are committed to meeting these service standards 90% of the time. During the previous period, they met them 95% of the time, which is just slightly lower than the previous period where they met their standards 96% of the time.

SR&ED Claims Success Rates and Average Processing Times

As Reported Between April 1 and September 30, 2014

* The average days within CRA's control and the average days outside CRA's control may not add up to the Total Average time due to rounding.

If you're considering filing a SR&ED claim but thought you'd just put it off and file within an 18 month timeframe, think again. If you're a Canadian SME and you file within 6 months of your fiscal year end, you could potentially receive your refundable claim money within 3 - 4 months or 73 days on average.

We don't know about you, but we prefer to have money in the bank sooner rather than later!