Political Contribution Tax Credit for Corporations
$2,294.00
Tax Credit
Description:
The Political Contribution Tax Credit for Corporations is a non-refundable tax credit available to corporations who participated in the provincial political process by making a financial contribution to an Ontario candidate, constituency association, or political party.
Comments on Funding:
The amount of this non-refundable tax credit generally depends on the corporation’s total eligible contributions and its Ontario income tax payable for the tax year.
The maximum tax credit that a corporation can claim in a tax year is $2,294. This is based on the maximum allowable annual contributions of $19,950.
Rolling deadline
Eligibility:
The applicant must:
1. be a corporation;
2. make eligible contributions;
3. have a permanent establishment in Ontario;
4. not be exempt from corporate income tax.
An eligible contribution is a contribution made by a corporation during a tax year and before January 1, 2017, to an:
1. Ontario registered candidate;
2. Ontario registered constituency association;
3. Ontario registered political party.
Application Steps:
The applicants must:
1. claim the tax credit on Schedule 525 and file it with their T2 corporation income tax return;
2. file the return as a completed package (incomplete returns generate delays in processing).
Documentation Needed:
Applicants must submit:
1. the Schedule 525;
2. the T2 corporation income tax return.
Other Things to Note:
Updated: June 02, 2023
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