Tax incentives are designed to increase your business’ profitability by decreasing the tax burden in various ways. These include:

  • Tax exemptions that fully excuse your business from paying certain liabilities.
  • Tax reductions that partially offset the amount your business is obliged to pay in taxes.
  • Tax refunds and rebates that repay a portion of the tax your business has already paid.
  • Tax credits, which are more flexible, allowing your business to offset a portion of its tax obligation. They can also be carried forward to future years.

To receive the tax incentives, your business must meet certain requirements set down by the government.

The incentives vary depending on the tax incentive and often depend on the tax incentive’s purpose, which might be creating new jobs, stimulating private investment, or increasing research and development. Some of the tax incentives include:

  • Section 12I allowance
  • Section 12H of the Income Tax Act
  • Section 12J
  • Section 12R
  • Section 12P
  • Corporate tax at a reduced rate (SBC)
  • Turnover tax

Our tax experts will assess your situation and recommend which of these incentives you can access.