During the taxation year ending December 31, 2020, Future Ventures has made a number of expenditures that qualify for investment tax credits. They are as follows:
• $132,000 in Qualified Property in the Gaspe Peninsula.
• $1,060,000 in current expenditures for Scientific Research And Experimental Development.
The Company is a Canadian controlled private corporation. For 2019, Future Ventures has Taxable Income of $161,000 and Taxable Capital Employed In Canada of $8,500,000. The Company has no Tax Payable for 2020 or in any of the three preceding years.
Determine the amount of the refund that Future Ventures will receive as a result of earning these investment tax credits and any available carry forwards. Include in your answer any other tax consequences of these investment tax credits.

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The Answer of During the taxation year ending December 31, 2020, Future Ventures has made a number of expenditures that qualify for investment tax credits. They are as follows:
• $132,000 in Qualified Property in the Gaspe Peninsula.
• $1,060,000 in current expenditures for Scientific Research And Experimental Development.
The Company is a Canadian controlled private corporation. For 2019, Future Ventures has Taxable Income of $161,000 and Taxable Capital Employed In Canada of $8,500,000. The Company has no Tax Payable for 2020 or in any of the three preceding years.
Determine the amount of the refund that Future Ventures will receive as a result of earning these investment tax credits and any available carry forwards. Include in your answer any other tax consequences of these investment tax credits.

During the Taxation Year Ending December 31, 2020, Future Ventures