How it works: Support business investment in specific regions where employment growth has been significantly below the provincial average.
Applicability: Available to Canadian-controlled private corporations that make qualifying investments (includes expenditure for constructing, renovating or acquiring qualifying commercial and industrial buildings and other assets) that become available for use (as defined by the Income Tax Act) on or after March 25, 2020. The spending requirement is expenditures in excess of $50,000 and up to a limit of $500,000.
Funding Available: Eligible business will receive 10 percent refundable Corporate Income tax credit, up to $45,000 in 2020. Total: $25 million in new tax credit is expected.