diff --git a/mlir/lib/Dialect/Async/Transforms/AsyncRuntimeRefCountingOpt.cpp b/mlir/lib/Dialect/Async/Transforms/AsyncRuntimeRefCountingOpt.cpp
--- a/mlir/lib/Dialect/Async/Transforms/AsyncRuntimeRefCountingOpt.cpp
+++ b/mlir/lib/Dialect/Async/Transforms/AsyncRuntimeRefCountingOpt.cpp
@@ -13,6 +13,7 @@
 #include "PassDetail.h"
 #include "mlir/Dialect/Async/IR/Async.h"
 #include "mlir/Dialect/Async/Passes.h"
+#include "mlir/Dialect/StandardOps/IR/Ops.h"
 #include "llvm/ADT/SmallSet.h"
 #include "llvm/Support/Debug.h"
 
@@ -109,6 +110,58 @@
             dropRef->isBeforeInBlock(addRef.getOperation()))
           continue;
 
+        // When reference counted value passed to a function as an argument,
+        // function takes ownership of +1 reference and it will drop it before
+        // returning.
+        //
+        // Example:
+        //
+        //   %token = ... : !async.token
+        //
+        //   async.runtime.add_ref %token {count = 1 : i32} : !async.token
+        //   call @pass_token(%token: !async.token, ...)
+        //
+        //   async.await %token : !async.token
+        //   async.runtime.drop_ref %token {count = 1 : i32} : !async.token
+        //
+        // In this example if we'll cancel a pair of reference counting
+        // operations we might end up with a deallocated token when we'll
+        // reach `async.await` operation.
+        Operation *firstFunctionCallUser = nullptr;
+        Operation *lastNonFunctionCallUser = nullptr;
+
+        for (Operation *user : info.users) {
+          // `user` operation lies after `addRef` ...
+          if (user == addRef || user->isBeforeInBlock(addRef))
+            continue;
+          // ... and before `dropRef`.
+          if (user == dropRef || dropRef->isBeforeInBlock(user))
+            break;
+
+          // Find the first function call user of the reference counted value.
+          Operation *functionCall = dyn_cast<CallOp>(user);
+          if (functionCall &&
+              (!firstFunctionCallUser ||
+               functionCall->isBeforeInBlock(firstFunctionCallUser))) {
+            firstFunctionCallUser = functionCall;
+            continue;
+          }
+
+          // Find the last regular user of the reference counted value.
+          if (!functionCall &&
+              (!lastNonFunctionCallUser ||
+               lastNonFunctionCallUser->isBeforeInBlock(user))) {
+            lastNonFunctionCallUser = user;
+            continue;
+          }
+        }
+
+        // Non function call user after the function call user of the reference
+        // counted value.
+        if (firstFunctionCallUser && lastNonFunctionCallUser &&
+            firstFunctionCallUser->isBeforeInBlock(lastNonFunctionCallUser))
+          continue;
+
         // Try to cancel the pair of `add_ref` and `drop_ref` operations.
         auto emplaced = cancellable.try_emplace(dropRef.getOperation(),
                                                 addRef.getOperation());
diff --git a/mlir/lib/Dialect/Async/Transforms/CMakeLists.txt b/mlir/lib/Dialect/Async/Transforms/CMakeLists.txt
--- a/mlir/lib/Dialect/Async/Transforms/CMakeLists.txt
+++ b/mlir/lib/Dialect/Async/Transforms/CMakeLists.txt
@@ -13,8 +13,9 @@
   LINK_LIBS PUBLIC
   MLIRIR
   MLIRAsync
-  MLIRSCF
   MLIRPass
+  MLIRSCF
+  MLIRStandard
   MLIRTransforms
   MLIRTransformUtils
 )
diff --git a/mlir/test/Dialect/Async/async-runtime-ref-counting-opt.mlir b/mlir/test/Dialect/Async/async-runtime-ref-counting-opt.mlir
--- a/mlir/test/Dialect/Async/async-runtime-ref-counting-opt.mlir
+++ b/mlir/test/Dialect/Async/async-runtime-ref-counting-opt.mlir
@@ -53,3 +53,17 @@
   // CHECK: return
   return
 }
+
+// CHECK-LABEL: @not_cancellable_operations_0
+func @not_cancellable_operations_0(%arg0: !async.token) {
+  // CHECK: add_ref
+  async.runtime.add_ref %arg0 {count = 1 : i32} : !async.token
+  // CHECK: call @consume_toke
+  call @consume_token(%arg0): (!async.token) -> ()
+  // CHECK: async.runtime.await
+  async.runtime.await %arg0 : !async.token
+  // CHECK: async.runtime.drop_ref
+  async.runtime.drop_ref %arg0 {count = 1 : i32} : !async.token
+  // CHECK: return
+  return
+}
diff --git a/mlir/test/Integration/Dialect/Async/CPU/microbench-linalg-async-parallel-for.mlir b/mlir/test/Integration/Dialect/Async/CPU/microbench-linalg-async-parallel-for.mlir
--- a/mlir/test/Integration/Dialect/Async/CPU/microbench-linalg-async-parallel-for.mlir
+++ b/mlir/test/Integration/Dialect/Async/CPU/microbench-linalg-async-parallel-for.mlir
@@ -3,7 +3,7 @@
 // RUN:               -async-parallel-for                                      \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-scf-to-std                                      \
 // RUN:               -std-expand                                              \
diff --git a/mlir/test/Integration/Dialect/Async/CPU/microbench-scf-async-parallel-for.mlir b/mlir/test/Integration/Dialect/Async/CPU/microbench-scf-async-parallel-for.mlir
--- a/mlir/test/Integration/Dialect/Async/CPU/microbench-scf-async-parallel-for.mlir
+++ b/mlir/test/Integration/Dialect/Async/CPU/microbench-scf-async-parallel-for.mlir
@@ -2,13 +2,13 @@
 // RUN:               -async-parallel-for                                      \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-linalg-to-loops                                 \
 // RUN:               -convert-scf-to-std                                      \
 // RUN:               -std-expand                                              \
 // RUN:               -convert-vector-to-llvm                                  \
-// RUN:               -convert-std-to-llvm                                     \
+// RUN:               -convert-std-to-llvm -print-ir-after-all                                    \
 // RUN: | mlir-cpu-runner                                                      \
 // RUN: -e entry -entry-point-result=void -O3                                  \
 // RUN: -shared-libs=%mlir_integration_test_dir/libmlir_runner_utils%shlibext  \
@@ -20,7 +20,7 @@
 // RUN:               -async-parallel-for=async-dispatch=false                 \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-linalg-to-loops                                 \
 // RUN:               -convert-scf-to-std                                      \
diff --git a/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-1d.mlir b/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-1d.mlir
--- a/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-1d.mlir
+++ b/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-1d.mlir
@@ -1,7 +1,7 @@
 // RUN:   mlir-opt %s -async-parallel-for                                      \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-scf-to-std                                      \
 // RUN:               -convert-std-to-llvm                                     \
@@ -16,7 +16,7 @@
 // RUN:                                    target-block-size=1"                \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-scf-to-std                                      \
 // RUN:               -convert-std-to-llvm                                     \
diff --git a/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-2d.mlir b/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-2d.mlir
--- a/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-2d.mlir
+++ b/mlir/test/Integration/Dialect/Async/CPU/test-async-parallel-for-2d.mlir
@@ -1,7 +1,7 @@
 // RUN:   mlir-opt %s -async-parallel-for                                      \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-scf-to-std                                      \
 // RUN:               -convert-std-to-llvm                                     \
@@ -16,7 +16,7 @@
 // RUN:                                    target-block-size=1"                \
 // RUN:               -async-to-async-runtime                                  \
 // RUN:               -async-runtime-ref-counting                              \
-// FIXME:             -async-runtime-ref-counting-opt                          \
+// RUN:               -async-runtime-ref-counting-opt                          \
 // RUN:               -convert-async-to-llvm                                   \
 // RUN:               -convert-scf-to-std                                      \
 // RUN:               -convert-std-to-llvm                                     \