It is often easy to overlook certain tax credits that may apply to your company or your clients. This can occur where the tax credit is not well “publicized” or it only applies in rare situations.
Here are a few tax credits to keep in mind and share with your staff or clients:
- Regional Opportunities Investment Tax Credit
The Regional Opportunities Investment Tax Credit supports business investment, economic growth and job creation in designated regions across the province that lagged in employment growth between 2009 and 2019.
It is a 10% refundable Corporate Income Tax credit for corporations that invest more than $50,000 to construct, renovate or acquire eligible commercial and industrial buildings in these regions. The Regional Opportunities Investment Tax Credit will:
- help address regional disparities by bringing greater opportunities and prosperity to businesses, workers and families in these communities
- help attract investments, boost growth and create jobs by supporting businesses, including those that are recovering from COVID-19, to expand and grow
Please visit the link below to find out more information:
https://www.ontario.ca/page/regional-opportunities-investment-tax-credit
2. Ontario Business Research Institute Tax Credit
Eligible corporations can claim a 20 per cent refundable tax credit for qualified expenditures on scientific research and experimental development work performed in Ontario under contract with eligible research institutes.
Click below for more information:
https://www.fin.gov.on.ca/en/credit/obritc/
3. Tax credits in other provinces
If you have clients with permanent establishments in other provinces, there can be a wide variety of tax credit opportunities. For example, Quebec has a myriad of tax credits with the most popular being the MultiMedia and e-Business tax credit.
If you would to discuss these tax credit opportunities or if you have any questions concerning the tax credit programs noted above please feel free to reach out to us