Annual report pursuant to Section 13 and 15(d)

Note 7 - Government Assistance

v3.20.2
Note 7 - Government Assistance
12 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Government Assistance [Text Block]
7.
Government assistance:
 
    March 31,
2020
    March 31,
2019
 
             
    $     $  
Investment tax credit    
182
     
652
 
Government grant    
27
     
-
 
Total government assistance    
209
     
652
 
 
Government assistance is comprised of a government grant from the Canadian federal government and research and development investment tax credits receivable from the Quebec provincial government which relate to qualifiable research and development expenditures under the applicable tax laws. The amounts recorded as receivables are subject to a government tax audit and the final amounts received
may
differ from those recorded. For the years ended
March 31, 2020
and
2019,
the Corporation recorded
$149
and
$445,
respectively, as a reduction of research and development expenses in the Consolidated Statements of Loss and Comprehensive Loss.
 
The amounts recorded as receivables are subject to a government tax audit and the final amounts received
may
differ from those recorded. Unrecognized Canadian federal tax credits
may
be used to reduce future Canadian federal income tax and expire as follows:
 
    $  
2029    
8
 
2030    
21
 
2031    
32
 
2032    
306
 
2033    
314
 
2034    
310
 
2035    
369
 
2036    
203
 
2037    
224
 
2038    
230
 
2039    
234
 
2040    
217
 
     
2,468
 
 
In
September 2019,
the Corporation was awarded up to CAD
$750,000
in non-dilutive and non-repayable funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to apply towards eligible research and development disbursements of the Corporation’s unique commercial production platform for CaPre. As at
March 31, 2020
the Corporation has claimed
$164
in connection with this program, which has been recorded as a reduction of research and development expenses in the Consolidated Statements of Loss and Comprehensive Loss.