Comments on Funding:
Funding provided by the Ontario Ministry of Finance is in the form of a 10% refundable corporate income tax available for expenditures that exceed $50,000 with a limit of $500,000 for qualifying property. The maximum tax credit a corporation may receive in a year is $45,000 in respect of all qualifying investments.
A temporary enhancement to the credit provides an additional 10% credit for eligible expenditures in excess of $50,000 and up to $500,000 for eligible property in the period beginning on March 24, 2021 and ending before January 1, 2024. The maximum credit would be $90,000 in a year.
The applicant must be a corporation that:
Investments that qualify for the credit must be made in one of the following designated regions:
Applicants must submit the T2 Corporation Income Tax return.
Other Things to Note:
The Canada Revenue Agency (CRA) administers tax credits on behalf of Ontario.