Maximize your refund with tax credits, benefits, and incentives

Tax Credits

The Ontario Government provides a number of tax credits for businesses to take advantage of in a variety of sectors. Moreover, Combining these incentives with tax deductibles is the best way to lower your bill come tax season.

Lower costs, hire and train workers, and help your businesses compete in the marketplace. Here are some of the tax credits, benefits, and incentives your business should be taking advantage of.

Apprenticeship and Co-operative education
Tax Credits

There are over 120 skilled trades in Ontario that are currently eligible for a tax credit. So, training an apprentice can qualify a business to claim up to 30% of eligible expenditures. Your business can claim up to $15,000 per apprentice over the first 36 months.

Co-operative education can also provide a tax credit for your business. Once again, corporations can claim up to 30% of eligible expenditures. Therefore, up to $3000 can be claimed for each placement. Most work placements are a minimum of 10 weeks up to a maximum of 4 months.

Regional Opportunities Investment

The Regional Opportunities Investment Tax Credit is an effort to support business investment, economic growth, and job creation.

This tax credits provides a 10% refund for the construction, renovation, or acquisition of eligible commercial and industrial buildings in certain regions. So, Businesses can receive up to $45,000 through this tax incentive.

There are a number of regions in Northern and Southern Ontario that can take advantage. So, check out a full list of eligible regions on the Government of Ontario’s website.

Cultural Media Tax Credits

Through assessment and certification by the Ontario Media Development Corporation (Ontario Creates), your business can gain eligibility for the Cultural Media Tax Credit.

This tax credit is an umbrella under which many tax incentives live. They include:

  • Book Publishing Tax Credit
  • Computer Animation and Special Effects Tax Credit
  • Film and Television Tax Credit
  • Interactive Digital Media Tax Credit
  • Production Services Tax Credit
  • Sound Recording Tax Credit

You can apply for the tax credit by visiting the Ontario Creates website.

Research and Innovation Tax Credits

This tax incentive program encourages businesses to conduct research and development. The tax benefits offered through these special credits can be huge. However, navigating these complex incentives can be time-consuming and often confusing.

Maxim Innovation combines a large skillset to take the lead on applying, submitting, and defending your application to these tax credits.

The Research and Innovation Tax Credit is available to businesses across Manufacturing, I.T. Software Development, Food Processing, Medical and Dental, and Construction and Building Materials. However, they can be quite complicated and time consuming. Nevertheless, Maxim Innovation has had success in all these industries and are continuing to expand into new markets.

Niche Tax Incentives

While many tax credits cover a variety of sectors and businesses, there are a few with a narrowed focus.

Community Food Program Donation Tax Credit

This credit is available to Canadian farmers who donate one or more agricultural products to an eligible community food program. This includes anything that is grown, raised, or harvested on a farm. This tax credit is worth 25% of the fair market value of the donated items.

Political Contributions Tax Credit

Participation in the provincial political process makes you eligible for the Political Contributions Tax Credit. Financial contributions can be to an Ontario candidate, constituency association, or political party. In fact, the maximum credit for this tax incentive is $2,294.

Small Beer Manufacturers Tax Credit

Qualifying microbrewers can claim a tax credit of up to $2,449,510 for non-draft beer and $1,788,010 for draft beer. In Addition, if your worldwide production of beer falls between 4.9 million litres and 30 million litres you can apply for this tax benefit. Your worldwide production may also not have exceeded 20 million litres before 2018 or 30 million litres after.

Finally, for more information about all the tax credits, benefits, and incentives your business can receive, visit the Government of Ontario’s Website.

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