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Find similar grantsThis is a tax credit claimed annually with the T2 corporate income tax return; no application deadline applies.
Ontario Innovation Tax Credit (OITC) is sponsored by Ontario Ministry of Finance. A refundable tax credit for eligible research and development expenditures incurred in Ontario. This provincial tax credit can be stacked with the federal SR&ED program.
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Ontario innovation tax credit | ontario. ca Ontario innovation tax credit Learn how corporations can claim a credit for expenditures on scientific research and experimental development. Skip this page navigation Qualifying corporations can claim a refundable tax credit for qualified expenditures on scientific research and experimental development performed in Ontario.
For taxation years that commence after May 31, 2016, the tax credit rate is 8% The tax credit rate is prorated for taxation years straddling June 1, 2016 For taxation years that end before June 1, 2016, the tax credit rate is 10% If a corporation’s taxation year is from January 1, 2017 to December 31, 2017, the tax credit rate is 8%.
If a corporation’s taxation year is from January 1, 2016 to December 31, 2016, the tax credit rate is calculated as follows: = (10% × 152 / 366) + (8% × 214 / 366) 10% multiplied by the ratio of the number of days in the year that are before June 1, 2016 to the total number of days in the year 8% multiplied by the ratio of the number of days in the year that are after May 31, 2016 to the total number of days in the year If a corporation’s taxation year is from January 1, 2015 to December 31, 2015, the tax credit rate is 10%.
Based on an expenditure limit of $3 million: for taxation years that commence after May 31, 2016, the maximum tax credit amount is $240,000 the maximum tax credit amount is prorated for taxation years straddling June 1, 2016 for taxation years that end before June 1, 2016, the maximum tax credit amount is $300,000 The expenditure limit is gradually reduced if: federal taxable income of the prior tax year exceeds $500,000 and is totally eliminated at $800,000 the prior year’s taxable capital exceeds $25 million and is totally eliminated at $50 million Associated corporations must share the expenditure limit.
The limit is also reduced for a short tax year based on the number of days in the tax year, in proportion to 365.
A corporation can claim the tax credit, if the corporation: has a permanent establishment in Ontario carries out scientific research and experimental development in Ontario during the year is eligible to claim the federal investment tax credit under section 127 of the federal Income Tax Act (Canada) is not exempt from corporation income tax has filed a scientific research and experimental development expenditures claim on federal form T661 for the tax year is incurred for scientific research and experimental development carried on in Ontario qualifies under section 127 of the federal Income Tax Act (Canada) is incurred when the corporation has a permanent establishment in Ontario and the expenditure is attributable to that permanent establishment includes 40% of capital expenditures made prior to 2014 and 100% of current expenditures capital expenditures made after December 31, 2013 are no longer qualified expenditures Qualified expenditures are reduced by government assistance, non-government assistance and contract payments.
The Ontario Research and Development Tax Credit, Ontario Business Research Institute Tax Credit, Ontario Innovation Tax Credit and federal Scientific Research and Experimental Development investment tax credit are not government assistance for purposes of determining the Ontario Innovation Tax Credit qualified expenditures. Under certain conditions, the receipt of a contract payment will not reduce qualified expenditures.
Corporations may claim the tax credit on Schedule 566 and file it with their T2 corporation income tax return. Download Schedule 566, Ontario Innovation Tax Credit Get the Corporation Income Tax return, known as the T2, from the Canada Revenue Agency The Canada Revenue Agency administers the program on behalf of Ontario through the federal income tax system.
Contact the Canada Revenue Agency with your questions at Toll-free: 1-800-959-5525 or Toll-free TTY : 1-800-665-0354 for teletypewriter ( TTY ). Updated: November 27, 2024 Published: March 27, 2022
Based on current listing details, eligibility includes: Corporations with a permanent establishment in Ontario that carry out scientific research and experimental development in Ontario and are eligible for the federal investment tax credit. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates Up to $240,000 credit (8% of up to $3,000,000 in eligible expenditures) Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
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Review timelines vary by funder. Federal agencies typically take 3-6 months from submission to award notification. Foundation grants may be faster, often 1-3 months. Check the program's timeline in the official solicitation for specific dates.
Many federal programs offer multi-year funding or allow competitive renewals. Check the official solicitation for continuation and renewal policies. Non-competing continuation applications are common for multi-year awards.