Are you aware that your corporation could be eligible for up to $90,000 in refundable tax credits?
If you've recently purchased or built a commercial building in eligible Ontario regions, this is for you! The Ontario Regional Opportunities Investment Tax Credit has been temporarily doubled to 20% for property that becomes available for use in your corporation's tax year between March 24, 2021, and December 31, 2023.
This incredible opportunity applies to Canadian-controlled private corporations investing in capital property in designated regions of Ontario. Eligible properties include those involved in constructing, renovating, or acquiring commercial and industrial buildings, provided at least 90% of the building's floor space is used for non-residential purposes at the year's end.
Investments exceeding $50,000 within the tax year qualify for this enhanced credit. This is a pivotal chance for businesses located in the north, east (excluding Ottawa), and south-west of Ontario to boost their growth and innovation.
As this is a refundable tax credit, you can receive these funds back from the government even if you have no tax owing for the year. Don't miss out on leveraging this tax credit to its fullest potential.
