Canadian Company Misses Out on $200,000 in Tax Credit After CRA Loses Documents

A digital payment company based in Toronto has missed out on nearly $200,000 in tax credits after the Canadian Revenue Agency (CRA) lost its documents. FOOi took the case to court after failing to appeal to the CRA but lost the case in late December 2023, as first reported by Blacklock’s Reporter. “I have concluded that the CRA misplaced the Applicant’s original December 20, 2019 filing concerning the SR&ED claim for the 2018 taxation year,” Justice Ronald MacPhee wrote in the court decision. “Unfortunately, even when an error has been committed by the CRA, the requirements of the [Income Tax] Act must be met in order to object to the Notice of Assessment.”...