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Is an IFA refund obtained by a corporation considered government assistance under the Income Tax Act?

April 26, 2017ACT corporation government IFA obtained refund

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Is an IFA refund obtained by a corporation considered government assistance under the Income Tax Act?

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The Canada Revenue Agency (CRA) has ruled that a refund received by a corporation under the IFA program is included in income under Section 12(1)(x) of the Income Tax Act (Canada), unless the corporation makes an election under Section 12 (2.2) of that Act.