Tax Credit, Loan
Regional Opportunities Investment Tax Credit
The Regional Opportunities Investment Tax Credit supports business investment, economic growth and job creation in designated regions across the province that lagged in employment growth between 2009 and 2019. It is a 10% refundable Corporate Income Tax credit for corporations that invest more than $50,000 to construct, renovate or acquire eligible commercial and industrial buildings in these regions.
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Description
The Regional Opportunities Investment Tax Credit supports business investment, economic growth and job creation in designated regions across the province that lagged in employment growth between 2009 and 2019. It is a 10% refundable Corporate Income Tax credit for corporations that invest more than $50,000 to construct, renovate or acquire eligible commercial and industrial buildings in these regions.
The Regional Opportunities Investment Tax Credit will:
- help address regional disparities by bringing greater opportunities and prosperity to businesses, workers and families in these communities
- help attract investments, boost growth and create jobs by supporting businesses, including those that are recovering from COVID-19, to expand and grow
The Regional Opportunities Investment Tax Credit will expire effective January 1, 2027.
Temporary Enhancement of the credit:
A temporary enhancement to the credit provides an additional 10% credit for eligible expenditures more than $50,000 and up to $500,000 for eligible property that becomes available for use during a qualifying corporation's taxation year, and in the period beginning on March 24, 2021, and ending before January 1, 2024. The maximum credit in respect of eligible expenditures that meet all of the conditions for the enhance credit would be $90,000 in a year.