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AcuityAds Receives Refund of $900,000 on Favorable CRA Tax Ruling
AcuityAds Receives Refund of $900,000 on Favorable CRA Tax Ruling AcuityAds Receiv...
About this update from Illumin Holdings Inc.
[{"type":"text","content":"\n\n\n\nAcuityAds Receives Refund of $900,000 on Favorable CRA Tax Ruling\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAcuityAds Receives Refund of $900,000 on Favorable CRA Tax Ruling\nCanada NewsWire\nTORONTO and NEW YORK, April 15, 2016\n\n\n\nTORONTO and NEW YORK, April 15, 2016 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT) (\"AcuityAds\" or \"Company\"), a leading provider of targeted digital media solutions, enabling advertisers to connect intelligently with their audiences across online display, video, social and mobile campaigns, is pleased to announce that the Company has received a cash refund of approximately $900,000 from the Canada Revenue Agency (\"CRA\") for Investment Tax Credits (\"ITC\") relating to eligible Scientific Research and Experimental Development (\"SR&ED\") claims for the years 2011, 2012, 2013 and 2014.\n\nAs previously reported in the Company's Q2 2014 Financial Results on August 26th, 2014, the CRA had disallowed the Company's SR&ED claims for 2011 and 2012.  With the assistance of the Company's professional advisors, a majority of the Company's SR&ED claims for the years above were reviewed and accepted by the CRA.  \n\n\"The SR&ED Program is an important federal tax incentive program that enables Canadian companies to develop cutting edge technologies and we are very pleased that the CRA has recognized AcuityAds efforts and approved these credits in our favor,\" stated David Andrews, CFO of AcuityAds. \"These types of incentives are very important in the development of AcuityAds' world class technology, which is now being used by companies around the globe.\" \n\nThe $900,000 refund will be offset against the Investment Tax Credit receivable of $450,000 recorded in previous years and the remainder will be accounted for as a reduction of the related expenditures in the Company's statement of income. \n\nAbout AcuityAds:\n\nAcuityAds has developed a Programmatic Marketing Platform powered by proprietary machine learning technology that allows advertisers to target and connect intelligently with their audi...