How much funding can be received?

Funds up to 20% of admissible expenses, capped at $90000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Ontario Regional Opportunities Investment Tax Credit (ROITC)?

Ontario Regional Opportunities Investment Tax Credit (ROITC) is funded by Ontario Ministry of Finance, Government of Ontario

What are Ontario Regional Opportunities Investment Tax Credit (ROITC)'s eligibility criterias?

The corporation must be a Canadian-controlled private corporation throughout the tax year. The corporation must have a permanent establishment in Ontario at the time a qualifying investment is made. The investment must be made in a designated region of Ontario.

Ontario Regional Opportunities Investment Tax Credit (ROITC)

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ON, Canada

Tax credit for capital investments in commercial properties

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grant_single|openingDate May 12, 2020

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Tax Credits

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Construction
Manufacturing

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Ontario Ministry of Finance
Government of Ontario

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Get a 10% refundable Corporate Income Tax credit, up to $50,000, if you are building, renovating or acquiring commercial or industrial buildings in designated regions in Ontario.

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Refundable Corporate Income Tax credit of 10% for eligible expenditures exceeding $50,000, up to a maximum of $500,000 per year, with a maximum credit of $45,000.
Temporary enhancement: 20% refundable tax credit for eligible expenditures exceeding $50,000 and up to $500,000, for property available for use between March 24, 2021, and before January 1, 2024, with a maximum credit of $90,000 per year.

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This credit aims to promote economic growth and job creation through investments in eligible properties. Corporations can qualify by undertaking specific construction, renovation, or acquisition projects in designated regions.

Construction of new commercial or industrial buildings that qualify for capital cost allowance classes 1 or 6.
Renovation of existing commercial or industrial structures located in designated regions.
Acquisition of eligible commercial or industrial properties that meet the specified criteria.

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$ 90,000

Expansion of a brewery to increase production capacity

$ 90,000

Construction of a community center for social services

$ 45,000

Renovation of a manufacturing facility to improve safety

$ 50,000

Construction of an eco-friendly office building

$ 85,000

Renovation of a heritage hotel to boost tourism

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Eligibility for the Regional Opportunities Investment Tax Credit is determined by specific criteria related to the corporation's structure, location, and investment activities.

The corporation must be a Canadian-controlled private corporation throughout the tax year.
The corporation must have a permanent establishment in Ontario at the time a qualifying investment is made.
The corporation must make a qualifying investment in a designated region of Ontario.

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The Regional Opportunities Investment Tax Credit is available to Canadian-controlled private corporations that have a permanent establishment in Ontario and make a qualifying investment in a designated region of the province.

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Acquisition costs for eligible commercial or industrial buildings (or other structures) included in capital cost allowance classes 1 or 6 for income tax purposes, located in designated regions.
Construction expenses for developing new eligible commercial or industrial buildings in designated regions.
Renovation costs for eligible commercial or industrial buildings in designated regions.

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Northern Ontario: District of Algoma
Northern Ontario: District of Cochrane
Northern Ontario: District of Kenora
Northern Ontario: District of Manitoulin
Northern Ontario: District of Nipissing
Northern Ontario: District of Parry Sound
Northern Ontario: District of Rainy River
Northern Ontario: District of Sudbury and City of Greater Sudbury
Northern Ontario: District of Thunder Bay
Northern Ontario: District of Timiskaming
Southern Ontario: City of Kawartha Lakes
Southern Ontario: County of Bruce
Southern Ontario: County of Elgin and City of St. Thomas
Southern Ontario: County of Essex, City of Windsor, and Township of Pelee
Southern Ontario: County of Frontenac and City of Kingston
Southern Ontario: County of Grey
Southern Ontario: County of Haliburton
Southern Ontario: County of Hastings, City of Belleville, and City of Quinte West
Southern Ontario: County of Huron
Southern Ontario: County of Lambton
Southern Ontario: County of Lanark and Town of Smiths Falls
Southern Ontario: County of Lennox and Addington
Southern Ontario: County of Middlesex and City of London
Southern Ontario: County of Northumberland
Southern Ontario: County of Oxford
Southern Ontario: County of Perth, City of Stratford, and Town of St. Marys
Southern Ontario: County of Peterborough and City of Peterborough
Southern Ontario: County of Prince Edward
Southern Ontario: County of Renfrew and City of Pembroke
Southern Ontario: District of Muskoka
Southern Ontario: Municipality of Chatham-Kent
Southern Ontario: United Counties of Leeds and Grenville, City of Brockville, Town of Gananoque, and Town of Prescott
Southern Ontario: United Counties of Prescott and Russell
Southern Ontario: United Counties of Stormont, Dundas and Glengarry, and City of Cornwall

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Canadian-controlled private corporation throughout the tax year
Permanent establishment in Ontario at the time a qualifying investment is made
Qualifying investment in a designated region of the province
Invest more than $50,000 in eligible commercial and industrial buildings
Eligible property must become available for use on or after March 25, 2020, and in the taxation year in which the tax credit is being claimed

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Assess Eligibility

Ensure your corporation is a Canadian-controlled private corporation throughout the tax year.
Verify the corporation has a permanent establishment in Ontario at the time of making a qualifying investment.
Confirm the investment is in a designated region.

Make Qualifying Investment

Invest more than $50,000 in constructing, renovating, or acquiring eligible commercial and industrial properties in a designated region.
Ensure investments are available for use from after March 25, 2020, in the taxation year of claiming.

Calculate the Tax Credit

Calculate the base 10% refundable tax credit for expenditures exceeding $50,000 up to $500,000.
If applicable, calculate the enhanced 20% refundable tax credit for the eligible period from March 24, 2021, to December 31, 2023.
Determine the maximum eligible tax credit amount.

File Tax Credit Claim

Claim the tax credit on your T2 Corporation Income Tax return.
Include all required documentation and calculations about qualifying investments.

Contact CRA if Needed

For inquiries or assistance, contact the CRA through provided phone numbers or visit their website.

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Here are additional relevant details for this grant:

The tax credit can also be administered for eligible property that becomes available for use during a period starting on March 25, 2020, and before January 1, 2024.
The maximum tax credit during the enhanced credit period is capped at $90,000 per year for qualifying corporations.
The enhanced credit of 20% is available for expenditures in excess of $50,000 up to a $500,000 limit.
There is a separate contact number provided by the CRA for assistance in different languages and for teletypewriter (TTY) users.
It is necessary to refer to the Taxation Act, 2007, or the technical bulletin for full understanding of all conditions and eligibility requirements.
The grant is particularly aimed at boosting recovery and growth for businesses impacted by COVID-19.