This schedule must be used by corporations that have a taxation year ending after December 31, 2008.
Optimization
To determine the optimum amount of Ontario political contributions tax credit to apply, the program makes the following calculation.
The Ontario political contribution tax credit is applied to the income tax balance after application of those tax credits:
- the Ontario resources tax credit;
- the Ontario tax credit for manufacturing and processing;
- the Ontario foreign tax credit; and
- the Ontario credit union tax reduction.