Ontario Innovation Tax Credit
As an owner of an Ontario-based corporation, you may be eligible for a tax credit of 8% to 12% for scientific research and experimental development carried out in Ontario by your business. Qualified expenses include:
- 100% of current expenditures
- 40% of capital expenditures made prior to 2014
The expenditure limit is is $3 million, but the actual tax credit amount you could receive will vary according to the tax year, your specified capital amount and the federal taxable income you claim.
Other conditions apply.