Is a business grant taxable?

Yes, in Canada, business grants are generally considered taxable income by the Canada Revenue Agency (CRA). When a business receives a grant, the amount is typically added to the business’s income for the tax year in which the grant was received. It’s important for businesses to include this income in their financial statements and report it when filing their annual tax returns. There may be specific exemptions or conditions depending on the type of grant and how the funds are used, so consulting with a tax professional or accountant is advisable to ensure compliance with tax laws and to explore any potential tax planning opportunities.