Hitech Ltd., a Canadian-controlled private corporation, spent $1,000,000 in current expenditures for scientific research and experimental development (SR&ED), as well as $500,000 in capital expenditures for SR&ED in the current year. Hitech Ltd. is not associated with any other corporation. Its taxable income for the previous year was $120,000 which resulted in federal tax payable of $13,200. There was no tax payable for the two years before that. The taxable capital is well below $10,000,000. Taxable income for the current year is $100,000. Income tax reference: ITA 127(5),(9),(10.1), (10.2), 127.1, 12(1)(t).
Determine the following:
a) The investment tax credit earned by Hitech Ltd.
b) The cash refund available due to the investment tax credit, and
c) The investment tax credit available for carry over.