The Ontario Business Research Institute Tax Credit (OBRITC) is a refundable tax credit. It is available to a qualifying corporation that performs scientific research and experimental development (SR&ED) in Ontario under a contract with an eligible research institute (ERI).
The Canada Revenue Agency (CRA) administers the program on behalf of Ontario through the federal income tax system.
The OBRITC provides a 20% credit for SR&ED expenses incurred in Ontario under an eligible contract with an ERI. Qualifying expenditures are capped at $20 million annually. The maximum annual credit is $4 million.
Small businesses may claim the OBRITC in addition to the Ontario Innovation Tax Credit.
Corporations may claim the tax credit on Schedule T2SCH568 and file it with their T2 Corporation Income Tax Return. Corporations should also complete and file Schedule T2SCH569 for each eligible contract.
Visit the CRA website for more information on the OBRITC.