How much funding can be received?

There is no informations about how much funding can be received.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Ontario credit union tax reduction?

Ontario credit union tax reduction is funded by Ontario Ministry of Finance, Government of Ontario

What are Ontario credit union tax reduction's eligibility criterias?

Must be a credit union throughout the tax year Must have a permanent establishment in Ontario at any time in the tax year Must have Ontario taxable income in the year

Ontario credit union tax reduction

Last Update: April 27, 2025

ON, Canada

Income tax reduction for eligible Ontario-based credit unions

Ontario credit union tax reduction at a glance

Eligible Funding

No Condition

Timeline

Continuous Intakes

Financing Type

Tax Credits

Eligible Industries

Finance and insurance

Grant Providers

Ontario Ministry of Finance
Government of Ontario

Status

Open

Overview of the Ontario credit union tax reduction program

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.

Eligible projects & activities

Examples of admissible projects:

$ 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

Eligibility criteria of the Ontario credit union tax reduction program

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.

Who is eligible?

Credit unions with a permanent establishment in Ontario

Eligible geographic areas

Ontario

How to apply to the Ontario credit union tax reduction program

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.

Additional information

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.