The Ontario Innovation Tax Credit (OITC) is a refundable tax credit. It is available to all corporations that perform scientific research and experimental development (SR&ED) in Ontario.
The Canada Revenue Agency (CRA) administers the program on behalf of Ontario through the federal income tax system.
The OITC is calculated as 10% of qualifying SR&ED expenses. Qualifying expenses are:
The maximum annual credit is $300,000.
A qualifying corporation:
Corporations must claim the tax credit on Schedule T2SCH566, and file it with their T2 return.
Visit the CRA website for more information. You may also wish to attend a Scientific Research and Experimental Development Seminar.