Ontario Innovation Tax Credit

Amount

Varies

Deadline

Rolling

Odds

Formula-based, not competitive

Effort

Ongoing — filed annu

Can you get this?

✓Must be a corporation with Ontario permanent establishment

✓Must perform R&D in Ontario during the year

✓Must qualify for federal SR&ED investment tax credit

✕Applicants exempt from corporation income tax are not eligible

✓Must have filed federal T661 SR&ED expenditures claim

Your real odds

This is a formula-based tax credit, so if you meet the criteria, you receive it.

There is no application pool or selection process, and eligibility is determined when the CRA processes your T2 return. The main risk is failing to qualify under the federal SR&ED rules, which is the gating requirement.

What it takes

Confirm federal SR&ED eligibility and file form T661 with your T2 returnOngoing — filed annually with your corporate tax return

Complete Schedule 566 (Ontario Innovation Tax Credit) and attach it to your T21–2 hours with an accountant

CRA processes and administers the credit on Ontario's behalfWeeks to months depending on CRA review

Worth knowing

The credit is refundable, meaning you receive a cash payment even if your corporation owes no Ontario tax, which makes it valuable for early-stage companies with SR&ED activity but no taxable income yet.

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