Hello, I am receiving a reimbursement grant through CDAP - Grow your business online. This is a government microgrant of $2,400, and I am wondering if you know of any special tax considerations for the grant when filing for my business. Here is a link to the grant Grow Your Business Online Grant | Get up to $2,400
You have received a grant from the government, now you expect special consideration for income tax purposes and free advice from a tax preparers forum. You should talk to your accountant or tax advisor.
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What the hell is this???
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An open forum.
There are benefits, and there are costs.
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It needs to be accounted for somehow - it’s not a “tax free” grant. In most cases, if you received the funds in order to offset the cost of a capital asset, you must apply it as a reduction of the cost (and UCC balance) for that asset. Otherwise, report it as some kind of income - “Miscellaneous”, “Other income”, etc