Future income tax assets are not assets

CRA considers that a future income tax asset is not an asset for purposes of the "qualified small business corporation share" and "small business corporation" definitions.  This changes once it becomes a tax receivable.  For example, a receivable arising from a loss-carryback to an earlier year of an active business qualifies as an active business asset.

Neal Armstrong.  Summary of 17 July 2013 T.I. 2012-0473261E5 F under s. 248(1) – small business corporation.