No Fixed Amount
Type of Program:
The ORDTC is a non-refundable tax credit based on eligible scientific research and experimental development performed by qualifying corporations in Ontario to reduce their Ontario corporate income tax payable.
Comments on Funding:
Funding is a non-refundable tax credit based on eligible expenditures incurred by a corporation in a tax year. The ORDTC rate is:
When It Ends:
Eligible expenditures are reduced by government and non-government assistance, but not the ORDTC or the federal SR&ED ITC. The ORDTC will reduce the federal pool of deductible SR&ED expenditures and qualified SR&ED expenditures.
Corporations may claim the tax credit on Schedule 508 and file it with their T2 corporation income tax return.
Carry back 3 years to reduce Ontario corporate income tax payable, but not to a tax year that ends before January 1, 2009. Carry forward 20 years.
Other Things to Note:
The ORDTC is administered by the Canada Revenue Agency after December 31, 2008.