Ontario Corporate Minimum Tax Credit
grant_single|update April 27, 2025
ON, Canada
Corporate tax credit for eligible large Ontario corporations
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- Finance and insurance
grant_single|grantors
- Ontario Ministry of Finance
- Government of Ontario
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Ontario Corporate Minimum Tax Credit allows eligible corporations to claim a credit if their calculated corporate minimum tax exceeds their Ontario corporate income tax, with the tax rate set at 2.7%. The program is designed to support large corporations with total assets of $50 million or more and total revenues of $100 million or more, through the carryforward and deduction of minimum tax credits; there is no specified maximum funding amount.
grant_single_labels|terms_and_conditions
- The corporate minimum tax rate is 2.7% of adjusted net income.
grant_single_labels|admissibility
- The applicant must be a corporation with total assets of $50 million or more.
- The applicant must have total revenue of $100 million or more.
grant_eligibility_criteria|who_can_apply
- Ontario corporations with total assets of $50 million or more and total revenue of $100 million or more (excluding specified exempt corporate types)
grant_eligibility_criteria|who_cannot_apply
- Corporations exempt from income tax under section 149 of the federal Income Tax Act.
- Mortgage investment corporations.
- Deposit insurance corporations under subsection 137.1(5) of the federal Income Tax Act.
- Congregations or business agencies to which section 143 of the federal Income Tax Act applies.
- Investment corporations and mutual fund corporations.
grant_eligibility_criteria|zone
- Ontario
grant_single_labels|apply
- Step 1: Complete the Required SchedulesFill out Schedule 510, Ontario Corporate Minimum Tax, as part of your T2 Corporation Income Tax Return if applicable.
- If the corporation is associated with others, complete Schedule 511, Ontario Corporate Minimum Tax – Total Assets and Revenue for Associated Corporations.
- If subject to special additional tax on life insurance corporations, complete Schedule 512, Ontario Special Additional Tax on Life Insurance Corporations (SAT).
- Step 2: Calculate and Report the TaxDetermine the adjusted net income following Canadian GAAP or IFRS, including all required adjustments as detailed in Part 2 of Schedule 510.
- Deduct eligible accounting gains, deferred gains, and any other permitted deductions as allowed under the regulations.
- Step 3: Complete Tax Calculation SupplementaryEnter your calculated corporate minimum tax amount on line 278 of Schedule 5, Tax Calculation Supplementary – Corporations.
- Step 4: Submit Your Corporate Income Tax ReturnAttach all completed schedules (510, 511 if applicable, 512 if applicable, and Schedule 5) to your T2 Corporation Income Tax Return.
- File the complete package with the Canada Revenue Agency (CRA) as part of your regular corporate tax filing.
grant_single_labels|otherInfo
- The corporate minimum tax rate is 2.7%.
- Adjusted net income is based on Canadian accounting standards, with specific deductions and adjustments.
- Accounting gains from certain reorganizations and property transfers may be deducted when calculating adjusted net income, subject to proper election procedures.
- For specialized cases, consult Ontario Regulation 37/09 regarding the exclusion of certain unrealized gains and losses.
Apply to this program
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