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.
Applicants must fill in the form Prescribed Schedule T2SCH31, Investment Tax Credit – Corporations to claim the credit.
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.
Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe’s background and how he can help your business.