Tax credit

Ontario Innovation Tax Credit (OITC)

Provincial - Ontario / CRA · 8% refundable, maximum $240,000

Refundable 8% Ontario tax credit on qualified Ontario SR&ED expenditures, maximum $240,000 (8% of a $3 million expenditure limit). Claimed with the T2 (Schedule 566) alongside federal SR&ED. Published amount: 8% refundable, maximum $240,000. Best for: Ontario corporations with eligible SR&ED expenditures. This is a tax credit, not a grant. Administered by Government of Ontario / Canada Revenue Agency (CRA). Official source: Ontario Innovation Tax Credit (OITC).

Criteria

Who qualifies	Existing businesses Eligible statuses in catalog: Canadian citizens, permanent residents For-profit Requires R&D / innovation activity Ontario Best for: Ontario corporations with eligible SR&ED expenditures
Who does not	Brand-new startups / idea-stage shops (existing-business program) Work-permit-only newcomers (catalog lists citizen/PR, not work-permit) Businesses with no R&D / innovation project
Amount	8% refundable, maximum $240,000
Rate / repayable	N/A - Tax credit. Repayable: no (per catalog).
What it funds	Refundable 8% Ontario tax credit on qualified Ontario SR&ED expenditures, maximum $240,000 (8% of a $3 million expenditure limit). Claimed with the T2 (Schedule 566) alongside federal SR&ED. Highlights: 8% refundable; Maximum $240,000; Ontario SR&ED; File Schedule 566 with the T2.
Intake window	See the official page
Region	Ontario, including Markham and York Region.
Administrator	Government of Ontario / Canada Revenue Agency (CRA) (Provincial - Ontario / CRA)

Published highlights

8% refundable
Maximum $240,000
Ontario SR&ED
File Schedule 566 with the T2

Official apply / learn more See if you match Get help applying

FAQ

Is this a grant?

No. Ontario Innovation Tax Credit (OITC) is a tax credit (8% refundable, maximum $240,000), claimed through the tax return — not a grant cheque.

Who qualifies in Markham?

Ontario, including Markham and York Region. Qualifies where the published criteria fit: existing businesses; Canadian citizens, permanent residents; for-profit; requires R&D / innovation activity; Ontario; ontario corporations with eligible SR&ED expenditures.

Is there a minimum years in business or employee count?

No minimum years in business in this catalog; no minimum employee count in this catalog. See the official page if a rule is not listed here.

Can newcomers or work-permit holders apply?

The catalog lists Canadian citizens and permanent residents only — work-permit is not in the eligibility list. Do not assume a work-permit newcomer qualifies.

Related programs

Eligibility is determined by the government administrator (Government of Ontario / Canada Revenue Agency (CRA)), not Markham Office. Amounts, rates, and windows change. Verify every detail on the official page before you apply. Markham Office is an assessment helper only. As of September 2026.