Startups take note: the Ontario government wants to give your research a tax break.
The government is introducing the Ideas For The Future Act which, if passed, will allow 10-year tax exemptions for new corporations performing research on big ideas that could turn into big jobs in the province.
The government specifically named “computer and digital technologies” as one of the industries they hoped would be encouraged to commercialize public research on their ideas.
It’s a timely decision by the government, considering the Entrepreneurial Summit takes place at TorontoTechWeek today. Speakers have already addressed the importance of attracting and retaining tech talent in the GTA, and tax exemptions for research will certainly help.
Don’t get too excited yet-the Act still has to be passed and that could take months, if not years. Still, it’s good the government is taking action to raise the profile of Ontario’s ICT sector.
