We are happy to announce that the Ontario Made Manufacturing Investment Tax Credit has recently opened its intake.
The program is a 10% refundable tax credit for capital investments in buildings, machinery, and equipment used in manufacturing or processing, which aims to bring manufacturing back to Ontario.
Eligibility requirements
- Be a Canadian‐controlled private corporation (CCPC)
- Have a permanent establishment in Ontario
- Make qualifying investments (incur eligible costs)
Eligible Costs
- Constructing, renovating or acquiring buildings used for manufacturing or processing that become available for use on or after March 23, 2023. To qualify as a building used for manufacturing, 90% of the floor space of the building must be used at the end of the corporation’s taxation year for manufacturing or processing.
- Machinery and equipment used in the manufacturing or processing of goods. The machinery and equipment would have to be acquired and become available for use on or after March 23, 2023, and before 2026.
Amount
The maximum amount of funding is 2M per taxation year and would be prorated for a short taxation year.