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This study was carried out in order to test the Advanced Floating S-plane Inversion (ASFI) method on helicopter time domain EM data affected by Airborne Induced Polarization (AIP) in order to extract electrical conductivity and chargeability information. A single profile flown by VTEM system in Northern Ontario was selected for the study. This profile covers well-known geology, as well as it has been previously inverted using original RDI method (2013) and LCI (2015) method based on Cole-Cole parameter extraction, therefore there is significant data available for comparison and validation of newly proposed ASFI algorithm. The results of using ASFI inversion showed good correlation with previously recovered conductivity sections and improvement in recovery of chargeability data, which together with high computational efficiency of ASFI makes it a powerful tool for interpretation of airborne time domain data.