Corporate Tax Credit To Be Provided for Political Contributions

As part of the move to a single administration of corporate income tax, the current deduction provided to Ontario corporations for political contributions will be converted to a non-refundable tax credit.

The new credit, which will apply for corporate taxation years ending after December 31, 2008, will be set at 14% of eligible contributions, which, according to the Ministry of Finance press release, will provide a level of support similar to that provided under the deduction system.

The Finance press release is available on the Ontario Finance Web site at (Click Here..)