Ontario Made Manufacturing Investment Tax Credit

The Ontario government plans to propose a new Ontario Made Manufacturing Investment Tax Credit to help local manufacturers lower their costs, invest in jobs, grow, innovate and become more competitive.

The government will propose legislation that would, if passed, launch a new 10per cent refundable Corporate Income Tax credit of up to $2 million a year for Canadian-controlled private corporations on qualifying investments in buildings, machinery and equipment for use in manufacturing or processing in the province.

The proposed Ontario Made Manufacturing Investment Tax Credit would provide an estimated $780 million over the next three years in Ontario income tax support to qualifying businesses.

The proposed new Ontario Made Manufacturing Investment Tax credit is part of the significant action the government has taken since 2018 to improve Ontario’s competitiveness by lowering costs for business.

Ontario’s Plan to Build will continue to improve the province’s competitive edge, while encouraging existing businesses to expand their operations, so the products of the future are made right here at home.

Learn more: https://news.ontario.ca/en/release/1002853/ontario-introducing-new-investment-tax-credit-for-manufacturers