Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
TAX EXECUTIVE INSTITUTE
QUESTIONS
Question
XI.
Revenue Canada Taxation was asked to confirm at the November 19, 1990, liaison meeting that Ontario's super allowance (for scientific research) and current cost adjustment would not be taxable under the Income Tax Act. The response given was that the Departments of Finance and Justice were conducting a policy and legal analysis of the issue. Has this review been completed? Answer
Yes. The Ontario super allowance and the current cost adjustment provide that for the purpose of computing Ontario taxable income, the taxpayer may deduct an amount in excess of the actual costs incurred. The Department's view is that neither of these deductions is considered government assistance, incentives or tax credits for the purposes of any of subsection 13(7.1), 127(9) or paragraphs 12(1)(x), 37(1)(d) and 53(2)(k). Consequently, this deduction is not included in income nor does it adjust the capital cost of property or reduce the amount of investment tax credit for purposes of the Income Tax Act.
Cal Brown
923522
November 27, 1992
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