Ontario credit union tax reduction
grant_single|update April 27, 2025
ON, Canada
Income tax reduction for eligible Ontario-based credit unions
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
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 Credit Union Tax Reduction enables eligible credit unions to claim a special tax deduction, reducing their income tax rate to match that of small business corporations under the Ontario small business deduction. There is no specified maximum funding amount, and the program supports credit unions with taxable income in Ontario by lowering their overall corporation tax liability.
grant_single_labels|projects
grant_single|admissibleProjectsExample
$ 54,000
Launch of bilingual e-commerce site for bookstore cooperative
$ 50,000
Implementation of energy-efficient lighting in craft brewery
$ 98,000
Launching a mobile food co-op to serve remote communities
$ 99,000
Green roof installation on local arts centre building
$ 47,000
Digitalization of record-keeping for local dental practice
$ 65,000
Installation of accessible entrance and lifts in community theatre
grant_single_labels|admissibility
- The applicant must have been a credit union throughout the tax year.
- The applicant must have had a permanent establishment in Ontario at any time during the tax year.
- The applicant must have Ontario taxable income in the year.
grant_eligibility_criteria|who_can_apply
- Credit unions with a permanent establishment in Ontario
grant_eligibility_criteria|zone
- Ontario
grant_single_labels|apply
- Step 1: Calculate the Tax ReductionUse Part 4 of Schedule 500, Ontario Corporation Tax Calculation, as a worksheet to determine the Ontario credit union tax reduction amount.
- Step 2: Complete Required FormsFill out Schedule 17, Credit Union Deductions, to claim the applicable reductions.
- Enter the amount of the reduction on line 410 of Schedule 5, Tax Calculation Supplementary – Corporations.
- Step 3: Submit Tax Return and SchedulesFile Schedule 17 together with your income tax return.
- Ensure all supporting documentation, including relevant schedules, is included with your submission to the appropriate tax authority.
grant_single_labels|otherInfo
- Schedule 500 is used as a worksheet and does not need to be filed with your tax return.
- Schedule 17 (Credit Union Deductions) must be filed with your tax return when claiming the reduction.
- Enter the reduction amount on line 410 of Schedule 5, Tax Calculation Supplementary – Corporations.
- Reference to section 35 of the Taxation Act, 2007 (Ontario) provides further information about this reduction.
Apply to this program
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