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Yes. According to the Canada Revenue Agency, if you get a grant or subsidy from a government or government agency, you’ll have to report it as income or as a reduction of an expense.

Generally, a grant or subsidy:

  • increases your income or reduces your expenses
  • relates to an income deficiency
  • relates to specific expenses

For example:

  • if you are a farmer and you received a payment to subsidize your income in a drought year, you would add the payment to your income.
  • If you are a business that receives a government employment grant to hire more students, you would generally deduct it from the wage expense you are claiming.

If your government assistance enables you to acquire capital property, it should not increase your net income. However, for depreciable property, you would reduce the capital cost of the property by the amount of the assistance received. For other capital property, you would reduce the adjusted cost base accordingly.

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