Ontario Innovation Tax Credit
As an owner of an Ontario-based corporation you may be eligible for a 10 or 8% tax credit on research and development carried out in Ontario for 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.
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