Ontario Innovation Tax Credit (OITC)
The Ontario Innovation Tax Credit program is a program for corporations that make payments on scientific research and experimental development in Ontario. This program is a 10% refundable tax credit and is available to public and private corporations. The maximum funding for this credit is $300,000 annually.
Businesses Eligible for this Tax Incentive
Your corporation is eligible if it has a permanent establishment in Ontario, participates in scientific research and experimental development in Ontario and the corporation is qualified to claim the investment tax credit under section 127 of the federal Income Tax Act.
Forms Needed to Apply for this Canadian Tax Credit
There are several forms of use to those interested in applying to this program. They are as follows:
- Guide to the 2007 CT23 Corporations Tax and Annual Return: This is a guide with more information on the program and may aid you in your knowledge of the form below.
- CT23 2007 Corporations Tax and Annual Return: This form is for annual corporate tax return for those corporations with permanent establishments in Ontario.
Helpful Resources & Support for Applying
For more information or support with your decision to apply for this program, please contact Mentor Works with the subject line as Ontario Innovation Tax Credit. This is a great opportunity for corporations to get funding and support from the government for their success and hard work. And be sure to check out other Tax Credits available and Government Funding opportunities.