How much funding can be received?

Funds up to 10% of admissible expenses, capped at $2000000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Ontario Made Manufacturing Investment Tax Credit (OMMITC)?

Ontario Made Manufacturing Investment Tax Credit (OMMITC) is funded by Government of Ontario

What are Ontario Made Manufacturing Investment Tax Credit (OMMITC)'s eligibility criterias?

The corporation must be a Canadian-controlled private corporation throughout the taxation year. The corporation must not be exempt from Ontario corporate income tax for the taxation year. The corporation must carry on business in Ontario in the taxation year through a physical permanent establishment.

Ontario Made Manufacturing Investment Tax Credit (OMMITC)

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ON, Canada

Supports corporate investments in Ontario's manufacturing sector

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Tax Credits

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Manufacturing

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Government of Ontario

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The Ontario Made Manufacturing Investment Tax Credit provides a 10% refundable Corporate Income Tax credit, with maximum funding of $2 million annually, to support Ontario manufacturers in reducing costs, fostering innovation, and enhancing competitiveness through investments in buildings, machinery, and equipment. Eligible activities include capital investments in specified cost allowance classes for manufacturing or processing within Ontario.

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10% refundable Corporate Income Tax credit for eligible corporations on qualifying investments.
Maximum tax credit of up to $2 million per year.
Claimable on qualifying expenditures up to a $20 million limit per taxation year.
The limit is prorated for short taxation years.
The $20 million limit applies to associated groups of corporations.

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Investment in buildings used for manufacturing or processing in Ontario.
Acquisition of machinery and equipment for manufacturing or processing goods in Ontario.

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$ 500,000

Renovation of workshop for advanced metal fabrication

$ 2,000,000

Expansion of a food processing facility for efficiency

$ 100,000

Upgrade of machinery in a furniture manufacturing plant

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The corporation must be a Canadian-controlled private corporation throughout the taxation year.
The corporation must not be exempt from Ontario corporate income tax for the taxation year.
The corporation must carry on business in Ontario during the taxation year through a physical permanent establishment in Ontario, such as an office, a factory, or a workplace.

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Corporations engaging in manufacturing.
Corporations involved in processing activities.

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Capital investments in buildings acquired, constructed, or renovated for manufacturing or processing in Ontario.
Machinery and equipment to be used in the manufacturing or processing of goods in Ontario.

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Ontario, Canada

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Review Guidelines

Consult the Taxation Act, 2007 (Ontario) for detailed eligibility requirements and conditions.

Calculate Eligible Expenditures

Determine qualifying investments in buildings, machinery, and equipment.
Ensure expenditures do not exceed the $20 million limit in the taxation year.

Complete T2 Corporation Income Tax Return

Include qualifying expenditures as a refundable Corporate Income Tax credit.
Ensure that all calculations are accurate and comply with CRA regulations.

Submit T2 Return to CRA

File the completed T2 Corporation Income Tax Return with the Canada Revenue Agency.

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The tax credit is administered by the Canada Revenue Agency on behalf of Ontario.
Qualifying investments must be acquired and available for use on or after March 23, 2023.
The tax credit is calculated based on a 10% rate of eligible expenditures for qualifying investments.
An associated group of corporations is subject to a combined $20 million limit on qualifying expenditures.
The tax credit amount is prorated for short taxation years.
Corporations can claim the tax credit on their T2 Corporation Income Tax return.