Sentences with phrase «contemporaneous documentation requirements»

Subsection 247 (3) must also be read in conjunction with subsection 247 (4), which deems a taxpayer not to have made reasonable efforts unless the taxpayer has compiled with certain contemporaneous documentation requirements.

[2] However, taxpayers are deemed not to have made reasonable efforts if the contemporaneous documentation requirements under subsection 247 (4) are not satisfied.

Taxpayers should be aware of the Penalty Threshold as it applies to their circumstances, respect the contemporaneous documentation requirements and ensure that «reasonable efforts» are made.

The contemporaneous documentation requirement dictates that a SRED claimant must be able to prove that R&D was carried out through a paper / electronic trail.

Common issues cited by the CRA include a failure to comply with the contemporaneous documentation requirement and the failure to convince CRA that the R&D was not simple routine engineering.