Windsor — The government is helping build Ontario together by investing in local businesses to help create 194 new jobs and retain 199 positions in the automotive and manufacturing sectors.
The Climate Action Incentive Fund (CAIF) MUSH Retrofit stream provides funding to municipalities, universities/colleges, schools, and hospitals to help them make energy efficiency improvements and retrofits to reduce energy use, costs, and carbon pollution.
This CAIF program is available in the provinces of Saskatchewan, Manitoba, Ontario, and New Brunswick.
Toronto West-Thunder-Bay Tax Services Office in-person information seminars
This information seminar provides a summary of the financial aspects of the SR&ED Program. It is intended for financial or accounting staff already familiar with the basics of the SR&ED Program. Attendees will be taken through the completion of Form T661 and the calculation of investment tax credits. There is no charge to attend. Pre-registration is required, as seating is limited.
March 24, 2020
The Department of Finance announced in the March 19, 2019, Federal Budget that for tax years ending after March 18, 2019, the use of the previous year taxable income is removed as a factor in determining a canadian-controlled private corporation’s $3 million annual expenditure limit for the purpose of the refundable enhanced SR&ED investment tax credit (35%).
Additional information on the change is available on Federal SR&ED legislative proposals status.
In determining the amount of the 35% refundable investment tax credit, canadian-controlled private corporations must file Schedule T2SCH31, Investment Tax Credit – Corporations (2017 and later tax years). For tax years ending after March 18, 2019, do not include an amount on line 390 of this schedule.
For corporations that must allocate the expenditure limit, when filing Schedule T2SCH49, Agreement Among Associated Canadian-Controlled Private Corporations to Allocate the Expenditure Limit (2012 and later tax years), include $500,000 for Amount A (line 425) of this schedule.
An update to the SR&ED Investment Tax Credit Policy is being prepared.
Canada’s automotive sector is strong and uniquely positioned to design and build the cars of today and tomorrow, and our highly skilled workforce is the driving force behind it. Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced a combined FedDev Ontario contribution of more than $5 million to APAG Elektronik Corp. and Service Mold + Aerospace Inc. to develop and adopt innovative technologies, scale up and create good middle-class jobs. This announcement was made as he prepares to attend the 2019 North American International Auto Show in Detroit, Michigan.
The province has announced grants of more than $3-million for 10 companies in the Windsor-Essex region to help fund innovation and job creation.
The Liberal government says the investments will create 178 jobs in the region and result in 384 jobs being retrained.
The money is coming from the Southwestern Ontario Development Fund with the goal of getting local businesses to innovate, grow, and pursue new markets.