Regulation amending the General Regulation made under the Taxation Act, 2007
Ontario Regulation 70/10
Regulation - LGIC
Bill or Act:
Taxation Act, 2007
Summary of Decision:
Ontario Regulation 70/10 has been filed and amends the general regulation (37/09) made under the Taxation Act, 2007.
June 9, 2010
Summary of Proposal:
Ontario Regulation 70/10 has been filed and amends the general regulation (37/09) made under the Taxation Act, 2007. The amendments achieve the following three objectives:
1. Implement the 2009 Ontario Budget proposal to enhance the Ontario Computer Animation and Special Effects (OCASE) Tax Credit by expanding eligible labour expenditures and streamlining administration.
2. Implement the 2009 Budget and 2009 Fall Economic Statement proposals to enhance the Ontario Interactive Digital Media Tax Credit (OIDMTC).
3. Make technical amendments to correct cross-references and make other corrections in respect of various refundable tax credits and clarify that the regulation under the Taxation Act, 2007 applies to taxation years ending after 2008.
2nd Floor, Frost Building N.,
95 Grosvenor Street
Toronto, ON M7A 1Z1
March 16, 2010