Co-operative Education Tax Credit: A refundable tax credit available to employers who hire students enrolled in a co-operative education program at an Ontario university or college. The tax credit is based on salaries and wages paid to a student in a co-operative education work placement. Corporations can claim 25% of eligible expenditures. The maximum credit for each work placement is $3,000.
Ontario Research & Development Tax Credit (ORDTC): The ORDTC is a 3.5% non-refundable tax credit on eligible R&D expenditures. Effective for eligible R&D expenditures incurred on or after March 28, 2018, companies that qualify for the ORDTC would be eligible for an enhanced rate of 5.5 per cent on expenditures over $1 million in a taxation year.
Ontario Business Research Institute Tax Credit: Eligible corporations can claim a 20% refundable tax credit for qualified expenditures on scientific research and experimental development work performed in Ontario under contract with eligible research institutes. Qualified expenditures are capped at $20 million annually. The maximum annual tax credit is $4 million.
Ontario Innovation Tax Credit: This program offers a refundable tax credit to eligible corporations for qualified expenditures on scientific research and experimental development performed in Ontario. The tax credit rate is up to 8% of qualified expenditures up to a maximum credit of $240,000. The credit is limited based on the amount of the corporation’s federal taxable income and taxable capital.
Ontario Film and Television Tax Credit: An eligible production company can obtain a tax credit of 35% of labor expenditures incurred with respect to an Ontario production. An additional 10% credit is available for productions shot within Ontario but outside of the Greater Toronto Area.
Ontario Digital Media Tax Credit: In order to promote interactive digital media products, the province offers a refundable tax credit ranging from 35% to 40% for eligible expenditures on labor and marketing in Ontario. Eligible companies include Canadian corporations with permanent establishment in Ontario and which files an Ontario tax return.
Jobs and Prosperity Fund: Discretionary grants and loans are available to companies making large strategic investments in one of Ontario’s priority sectors. Grants of up to 20% or a combination of grants and loans up to 40% of eligible project costs are available for companies making a minimum $10 million investment. Similar grants with a lower $5 million investment threshold are available for investments in the forestry, food and beverage processing, and bioproducts sectors.