Form T2 Schedule 560 Ontario Interactive Digital Media Tax Credit (2019 and Later Tax Years) - Canada

Form T2 Schedule 560 is used in Canada for claiming the Ontario Interactive Digital Media Tax Credit for the tax year 2019 and onwards. This credit is available to corporations that develop interactive digital media products in Ontario. It provides tax incentives to support the growth of the digital media industry in the province.

The corporation that is claiming the Ontario Interactive Digital Media Tax Credit in Canada files the Form T2 Schedule 560.

Form T2 Schedule 560 Ontario Interactive Digital Media Tax Credit (2019 and Later Tax Years) - Canada - Frequently Asked Questions (FAQ)

Q: What is Form T2 Schedule 560?
A: Form T2 Schedule 560 is a tax form used in Canada for claiming the Ontario Interactive Digital Media Tax Credit.

Q: What is the Ontario Interactive Digital Media Tax Credit?
A: The Ontario Interactive Digital Media Tax Credit is a tax credit offered in Ontario, Canada to encourage the development of interactive digital media products.

Q: Who can claim the Ontario Interactive Digital Media Tax Credit?
A: Companies that develop and produce eligible interactive digital media products in Ontario can claim the tax credit.

Q: What is the purpose of the tax credit?
A: The tax credit aims to promote the growth and development of the interactive digital media industry in Ontario.

Q: How do I qualify for the tax credit?
A: To qualify for the Ontario Interactive Digital Media Tax Credit, your digital media product must meet certain eligibility criteria, such as being Canadian-owned and having a significant portion of development and production activities carried out in Ontario.

Q: What is the deadline for filing Form T2 Schedule 560?
A: The deadline for filing Form T2 Schedule 560 is usually within 18 months after the end of the tax year for which the tax credit is claimed.

Q: Are there any other tax credits available for the interactive digital media industry in Ontario?
A: Yes, in addition to the Ontario Interactive Digital Media Tax Credit, there are other tax credits and incentives available at both the federal and provincial levels to support the interactive digital media industry in Ontario.