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Libra Ltd$.$ is a CCPC with a December $31$ taxation year end. The company was incorporated in $2020$ and has conducted scientifc research and experimental development $($SRED$)$ since its incorporation. The company has only realized non$-$capital losses in each year from $2020$ up to and including the $2023$ taxation year. As a result, its taxable income for $2022$ and $2023$ is nil. The company has never applied any non$-$capital losses. As a result of its nil taxable income the company has no federal income tax payable for the $2022$ and $2023$ taxation years.

Because of the potential success of its SRED efforts the company has received and continues to receive considerable funding in the form of share capital and long$-$term financing. As a result, the TCEC of the company was $$21,350,000$ in $2022$ and $$24,730,000$ in $2023.$ The company is not associated with any other corporation.

In $2023,$ the company purchased the following property and incurred the following SRED expenditures:

$$ $$220,000$ for the purchase of qualified property to be used in New Brunswick

$$ $$3,110,000$ in current expenditures for SRED

$$ $$1,890,000$ in capital expenditures for SRED

Required: Determine the maximum amount of refundable investment tax credits that Libra Ltd$.$ will be entitled to receive for the $2023$ taxation year. In addition, determine the amount of any investment tax credit carry forwards and how they could be applied. Finally, identify any other related income tax consequences that occur as a result of the refund attributable to any investment tax credits.

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