Reinforce SR&ED Funding with Ontario Business-Research Tax Credit

Research and development is a costly activity for businesses. Luckily, there are tax credits and Research & Development Funding programs that can help lessen the burden on human resources and budgets. One such tax credit is the Ontario Business-Research Tax Credit (OBRTC), which offers 20% of R&D expenses as a refundable tax credit for SR&ED….

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…

Ontario Tax Exemption for Commercialization (OTEC)

The Ontario Tax Exemption for Commercialization program supports innovation in Ontario’s economoy by promoting intellectual property developed by eligible Canadian universities and colleges. The OTEC program applies to new corporations and offers an exemption from Ontario’s corporate income tax and corporate minimum tax for the first ten taxation years of the corporation applicant. Therefore, this…

Ontario Computer Animation and Special Effects Tax Credit

The Ontario Computer Animation and Special Effects tax credit (OCASE) is a refundable tax credit for corporations that perform eligible activities related to computer animation and special effects. On behalf of Ontario through the federal income tax system, the Canada Revenue Agency (CRA) runs this program and monitors it. For eligible activities, the credit is…

Ontario’s Life Sciences Commercialization Strategy

Ontario’s Life Science’s sector is an area that has much potential. The need for researchers and industry leaders is large, and the opportunity for success is larger. Global competition and the necessity for increased innovation in this area demands that Ontario’s Life Science’s industry is researched, updated and given more attention. Promotion of this industry…

How to Receive $2000 for Signing a New Trades Employee

Are you a growing company that employs high-skilled trades? The Ontario Government is issuing a $2000 Employer Signing Bonus for the hiring of new employees in high-skilled trades. The grant was created to encourage the registration of new apprentices and promote training of trade workers in the industry. Requirements The employer must be a registered…

Tax Credits – Taking Advantage of Government Initiatives

Do you need help financing new business initiatives? Governmental tax credits can help your company grow, while keeping your debt-to-equity ratio under control. Mentor Works has compiled a few great tax credit programs that can help your business thrive: Apprenticeship Employer Signing Bonus This is a great tax credit to help you expand your human…

How to Receive up to $3000 in Tax Credits for Hiring a Co-op Student

Did you know that businesses in Ontario are able to receive up to $3000 in tax credits to help with the hiring of a post-secondary co-op student? The Ontario Ministry of Revenue provides businesses with a tax credit for up to $2000 and small businesses with a tax credit of up to $3000. The size…

Learn About Key Tax and Business Programs in Ontario

If you are a small business in Ontario, there are several opportunities to attend a free one-day Tax Information Forum (TIF) event, focused on educating companies about key tax and business programs administered in Ontario. The TIF will host several seminars, informational booths, and opportunities to speak directly with Ontario Governmental specialists. Dates and Locations…