Ontario Innovation Tax Credit
Ontario
Government of Ontario, Ministry of Finance
Funding Amount
8% of qualified expenditures
Funding Limits
$240,000 for taxation years that commence after May 31, 2016
Program Contact Details
Email information unavailable
1-800-959-5525
Industry
All industry sectors
What is this funding for?
Refundable tax credit for R&D in Ontario
Program Description
The Ontario Innovation Tax Credit allows qualifying corporations to claim a refundable tax credit for qualified expenditures on scientific research and experimental development performed in Ontario.
Steps to Apply
1. Review eligibility criteria to ensure your corporation qualifies for the Ontario Innovation Tax Credit.
2. Prepare and file federal form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim, detailing your SR&ED activities and expenditures.
3. Complete Schedule 566, Ontario Innovation Tax Credit, with accurate information about your qualified expenditures.
4. Attach the completed Schedule 566 to your T2 Corporation Income Tax Return.
5. Submit the T2 Corporation Income Tax Return, including all required schedules and forms, to the Canada Revenue Agency within the prescribed filing deadlines.
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