Comments on Funding:
Funding is applied to the lesser of the corporation’s qualified expenditures incurred in Ontario and its annual expenditure limit at the following rates:
10% for tax years that end before June 1, 2016,
8% for tax years that start after May 31, 2016, or
prorated for a tax year that includes May 31, 2016.
Applicants must be:
Applicants must fill in prescribed schedule T2SCH31, Investment Tax Credit – Corporations (2017 and later tax years) to claim the OITC.
Other Things to Note:
The Canada Revenue Agency administers the program on behalf of Ontario through the federal income tax system.