During the taxation year ending December 31, 2020, Forward Ltd. makes the following expenditures that qualify for investment tax credits:
• $1,450,000 in current expenditures for Scientific Research And Experimental Development.
• $220,000 in expenditures for Qualified Property in the Atlantic Provinces.
The Company is a CCPC with Taxable Income in 2019 of $417,000. Also for 2019, its Taxable Capital Employed in Canada was $6,200,000. The Company has no Tax Payable for 2020 or in any of the three preceding taxation years.
Determine the amount of the refund that Forward Ltd. 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, Forward Ltd. makes the following expenditures that qualify for investment tax credits:
• $1,450,000 in current expenditures for Scientific Research And Experimental Development.
• $220,000 in expenditures for Qualified Property in the Atlantic Provinces.
The Company is a CCPC with Taxable Income in 2019 of $417,000. Also for 2019, its Taxable Capital Employed in Canada was $6,200,000. The Company has no Tax Payable for 2020 or in any of the three preceding taxation years.
Determine the amount of the refund that Forward Ltd. 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, Forward Ltd