The Ontario government released its 2024 fiscal year budget. Our team was pleasantly surprised by the continuity of key provincial funding programs for Ontario businesses. But we have also noticed several new opportunities.
Equipment & Building Purchase – Ontario Made Manufacturing Investment Tax Credit
Even though the intake start date for the Ontario Made Tax Credit is still unknown, the budget for this program is allocated. Any Ontario manufacturer that spends money on equipment, building or leasehold improvements can claim 10% of these expenses retroactively to March 2023. Stay tuned as we will announce the program the minute it becomes available.
Skills Training Grants
Skills Development Fund will have several intakes this fiscal year. There was no specific word on the Canada-Ontario Job Grant in the budget, but the program accepts applications, so we don’t expect any issues. Applicants can get 50%-83% of their skills training costs from the program.
Business Expansion Grants & Loans
Advanced Manufacturing & Innovation Competitiveness (AMIC) will be continued! The next intake start date is unknown, but all Ontario advanced manufacturers that want to scale up will have a chance to apply.
Similarly, the Southwestern Ontario and Eastern Ontario development funds will be continued.
The Invest in Ontario Fund will support large-scale investment projects in Ontario.
Mining Grants
The mining sector will get a boost through the Critical Minerals Innovation Fund.
Other Tax Credits
Other tax credits that are worth mentioning are: