Is the Quebec investment tax credit an inducement payment required to be included in income under s. 12(1)(x), or is it applied to the cost of depreciable property under s. 13(7.1)? After noting the exclusion in s. 12(1)(x)(vi), CRA stated:
The capital cost of the depreciable property that generated this credit at a particular time must therefore be reduced by virtue of paragraph 13(7.1)(f) by the amount of the assistance that the taxpayer has received or is entitled, before the particular time, to receive.