The Ontario Made Manufacturing Investment Tax Credit (OMITC) is a refundable corporate income tax credit that the Ontario Government has announced on March 22, 2023 for small companies and SME.
Funding
The OMITC is a refundable corporate income tax credit of up to 10 % of eligible investments (capital) in buildings, machinery, equipment to manufacture and process within Ontario. An eligible corporation could receive a tax credit of up to $2 million a year.
Eligibility
The business must be located in Ontario that is engaged in eligible manufacturing or processing activities. The business must make significant investments in new equipment or facilities, and it must meet specific criteria set out by the program, including maintaining a certain level of employment and meeting minimum investment thresholds.
Application
The application process can be intricate, and meeting the eligibility requirements can be challenging. With our expertise, we can help your company navigate these complexities and leverage this program to enhance your competitive edge.
Management
We support our clients throughout the claim process, from the request for certificates to the delivery of tax forms.
