Ontario Innovation Tax Credit (OITC)

By mmuise
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.

Deadline: Rolling deadline
Eligibility:

Applicants must be:

  • corporations with a permanent establishment in Ontario,
  • 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
mmuise