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Source verified July 6, 2026
Ontario credit union tax reduction
Tax reduction for eligible Ontario credit unions
Funding available
Varies by project
Deadline
Open continuously
Location
Ontario, Canada
Overview
Ontario credit unions may claim a special income tax reduction to lower their overall tax rate. The reduction is calculated through the required tax schedules and claimed on the corporation return.
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Opportunity Score
Moderate potential, but conditions must align.
At a glance
Funding available
Financing goals
- Ensure financial sustainability
Eligible Funding
- Varies by project
Eligible candidates
Eligible Industries
- All industries
Location
- Ontario
Legal structures
- Financial cooperative
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- Startups
Next Steps
1
Determine your project
2
Validate your eligibility
Documents Needed
- Schedule 17, Credit Union Deductions
- Schedule 5, Tax Calculation Supplementary – Corporations
- Schedule 500, Ontario Corporation Tax Calculation
Official resources
Eligibility
Who is eligible?
- Credit unions
Eligible geographic areas
- Ontario
How to apply
- Download and save the fillable PDF form on your computer.
- Open the downloaded PDF in Acrobat Reader 10 or later.
- Use Part 4 of Schedule 500 to calculate the Ontario credit union tax reduction.
- Fill out Schedule 17, Credit Union Deductions.
- Attach Schedule 17 to your return.
- Enter the amount of the claimed reduction on line 410 of Schedule 5, Tax Calculation Supplementary – Corporations.
Processing and Agreement
- Use Part 4 of Schedule 500 to calculate the Ontario credit union tax reduction.
- Fill out Schedule 17, Credit Union Deductions, and attach it to the return.
- Enter the amount of the claimed reduction on line 410 of Schedule 5, Tax Calculation Supplementary – Corporations.
Additional information
- The reduction is referenced under section 35 of Ontario's Taxation Act, 2007.
- Schedule 500 is a worksheet and does not need to be attached to the return.
- To use the form, download the fillable PDF and open it in Acrobat Reader 10 or later.
- The form is also available in substitute formats, including audio file, electronic text, braille, and large print.
Frequently Asked Questions about the Ontario credit union tax reduction Program
What is the Ontario credit union tax reduction?
Ontario credit unions may claim a special income tax reduction to lower their overall tax rate. The reduction is calculated through the required tax schedules and claimed on the corporation return.
Who is eligible for the Ontario credit union tax reduction program?
To be eligible for the Ontario credit union tax reduction program, you must:
Credit union for the full tax year.
Permanent establishment in Ontario.
Ontario taxable income in the year.
Who can I contact for more information about the Ontario credit union tax reduction?
You can contact Ontario Ministry of Finance.
Where is the Ontario credit union tax reduction available?
The Ontario credit union tax reduction program is available the province of Ontario.
Is the Ontario credit union tax reduction a grant, loan, or tax credit?
Ontario credit union tax reduction is a Tax Credits
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, Canada Revenue Agency (CRA)