Ontario Innovation Tax Credit (OITC)
no fixed amount
Tax Credit
Description:
The Ontario Innovation Tax Credit is a 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.
Rolling deadline
Eligibility:
Applicants must be:
1. corporations with a permanent establishment in Ontario,
2. doing scientific research and experimental development (SR&ED) in Ontario.
Application Steps:
No specific steps have been identified.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
Date modified: 2023-08-28
About the author
Maurice
