Tag Grants for taxcredit
New Manufacturing Tax Credit
The provincial budget tabled a few weeks ago shed some light on a new Ontario Made Manufacturing Investment Tax Credit, a 10% grant on the cost of eligible manufacturing equipment.
The program will be a 10% refundable Corporate Income Tax credit for capital investments in buildings, machinery and equipment used in manufacturing or processing to continue to bring back manufacturing to Ontario.
Eligibility Requirements
- Be 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.
The maximum amount of funding is twenty million per taxation year and would be prorated for a short taxation year.
Need help with this or other government funding programs but don’t know where to start or how to prepare an application?
The Digital Media Tax Credit Guide For Gaming Companies In Canada (IDMTC)
Amount: up to 40% tax credit on qualifying wages/salary.
Are SR&ED & Customs Duty Refund programs right for you?
You’ve known us for some time as a professional grant writing team but I wanted to make sure you take full advantage of other types of government assistance, such as tax credits and customs duty refund programs.
SR&ED Tax Credit is by far the most popular Canadian government funding program that pays a portion of your labour, material and other expenses incurred for a product or process design, development or improvement. Your business must be a Canadian corporation and experience uncertainties that you overcome to develop or improve the product or process. We’ve teamed up with experienced SR&ED writers to be able to offer SR&ED service to our clients. Learn more about SR&ED Tax Credit and determine your eligibility here.
Customs Duty Drawback is the customs duty refund program. In case if you imported goods and paid customs duty at the Canadian border, and then exported goods made of those imported parts or materials, you may qualify for a refund of the duty. Some conditions apply. Learn more about Customs Duty Drawback and determine your eligibility here.
Do you qualify for other government funding programs and would like to submit your application ASAP?
Fill out Eligibility Check form at http://www.fgwinc.ca/