Ontario Ministry of Finance – Regional Opportunities Investment Tax Credit
Description:
The Regional Opportunities Investment Tax Credit is a 10% refundable Corporate Income Tax that supports business investment, economic growth and job creation in designated regions across the province that lagged in employment growth between 2009 and 2019.
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.
Eligibility:
The applicant must be a corporation that:
Investments that qualify for the credit must be made in one of the following designated regions:
Applications Steps:
Documentation Needed:
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.
Program Contact:
When It Ends:
Ongoing
Deadline:
Rolling deadline