No Fixed Amount
Type of Program:
The Ontario Innovation Tax Credit is an 8% refundable tax credit that is applied to the lesser of the corporation’s qualified expenditures incurred in Ontario and its annual expenditure limit.
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.
When It Ends:
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.
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.