grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|projectCostPercent
grant_single|deadlines
  • grant_single|openingDate November 14, 2019
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
  • Professional, scientific and technical services
grant_single|grantors
  • Government of Ontario
  • Ontario Ministry of Finance
grant_single|status
grant_card_status|open

grant_single_labels|preview

Get a refundable tax credit of 8% for innovative scientific research and experimental development expenditures.

grant_single_labels|projects

grant_single|admissibleProjectsExample

$ 17,600

Biofuel research project aiming for renewable energy solutions

$ 20,000

New quantum computing research project

$ 16,000

Development of sustainable bioplastics

$ 14,400

Innovative agricultural techniques for crop yield improvement

$ 12,000

Development of a new AI algorithm for medical diagnostics

$ 13,600

Development of a new cybersecurity protocol to protect smart cities

grant_single_labels|admissibility

A corporation must meet several criteria to qualify for the Ontario innovation tax credit.
  • The corporation must have a permanent establishment in Ontario.
  • The corporation must carry out scientific research and experimental development in Ontario during the year.
  • The corporation must be eligible to claim the federal investment tax credit under section 127 of the federal Income Tax Act (Canada).
  • The corporation must not be exempt from corporation income tax.
  • The corporation must have filed a scientific research and experimental development expenditures claim on federal form T661 for the tax year.

grant_eligibility_criteria|who_can_apply

Corporations with a permanent establishment in Ontario that engage in scientific research and experimental development can apply for the Ontario Innovation Tax Credit. These corporations must not be exempt from corporation income tax and should be eligible to claim the federal investment tax credit under section 127 of the federal Income Tax Act (Canada). They should also file a scientific research and experimental development expenditures claim using the federal form T661 for the tax year.

grant_eligibility_criteria|eligible_expenses

The Ontario Innovation Tax Credit supports projects focusing on scientific research and experimental development in Ontario. Eligible activities include those directly engaged in advancing scientific research and the implementation of experimental development processes.
  • Conducting scientific research in Ontario related to the development of new products, processes, or technologies.
  • Undertaking experimental development projects aimed at improving existing products or processes within Ontario.

grant_eligibility_criteria|zone

This grant is available to corporations with a permanent establishment in Ontario. Eligibility is aligned with the regional focus of the grant, which aims to support innovation within the province.
  • Corporations with a permanent establishment in Ontario.

grant_single_labels|criteria

There are evaluation and selection criteria for this grant. The criteria include:
  • Corporation must have a permanent establishment in Ontario
  • Carries out scientific research and experimental development in Ontario during the year
  • Eligible to claim the federal investment tax credit under section 127 of the federal Income Tax Act (Canada)
  • Has filed a scientific research and experimental development expenditures claim on federal form T661 for the tax year

grant_single_labels|apply

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grant_single_labels|otherInfo

Here are additional relevant details for the Ontario Innovation Tax Credit:
  • The Ontario Ministry of Finance requires detailed documentation of eligible activities and expenditures in case of an audit.
  • The refundable nature of the tax credit allows for a refund even if there is no tax payable, providing cash flow benefits to qualifying corporations.
  • The tax credit can be carried back three years or carried forward 20 years, allowing flexibility in financial planning for corporations.
  • Corporations should maintain clear records of any government or non-government assistance to accurately adjust qualified expenditures.

grant_single_labels|documents

Ontario Innovation Tax Credit (OITC)

Apply to this program

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