The province of Ontario tabled the new 2023 budget, so we are happy to share that several new funding programs were announced, and the funding for some of the existing programs was renewed.
Ontario introduced an Ontario Made Manufacturing Investment Tax Credit, a 10% grant on the cost of eligible manufacturing equipment, machinery and buildings. It would be a refundable Corporate Income Tax credit on qualifying investments in manufacturing or processing in the province.
In the meantime, the funding for the following provincial incentive programs was renewed.
- Digital Competence Centre – new grant provides 50% of the software and hardware costs.
- Ontario Automotive Modernization Program – provides 50% of the software and hardware costs and lean training for automotive parts manufacturers.
- Regional Development Grants: Southwestern Ontario Development Fund, Eastern Ontario Development Fund, Advanced Manufacturing and Innovation Competitiveness, Northern Ontario Heritage Fund – provide 15%-50% of the large-scale expansion costs. Intake dates and procedures vary.
- The terms of the renewed Sustainable Canadian Agricultural Partnership program should be available in the next few weeks because it is a jointly funded program by the Federal and provincial governments.
One program we could not find in the budget was the Canada-Ontario Job Grant. It was a successful skills training grant that was around for 7 years.
Need help with this or other government funding programs but don’t know where to start or how to prepare an application?