Ontario Business Research Institute Tax Credit

Business tax credit for scientific research in Ontario

Eligible corporations can claim a 20% refundable tax credit for qualified expenditures on scientific research and experimental development work performed in Ontario under contract with eligible research institutes. Small businesses may claim this tax credit and the Ontario innovation tax credit on qualified expenditures.

1. Review eligibility criteria to ensure your corporation qualifies for the tax credit 2. Enter into an eligible contract with an eligible research institute for scientific research and experimental development services 3. Prepare documentation of all relevant financial expenditures related to the qualified research activities 4. Complete Schedule 568, Ontario Business-Research Institute Tax Credit, and Schedule 569, Ontario Business-Research Institute Tax Credit Contract Information, for each eligible contract 5. File the completed schedules along with your T2 Corporation Income Tax Return to the Canada Revenue Agency before the tax filing deadline