Project Finance
Financial Requirements for OCI Funding
Project Funding
- Our company received grant through OCI, is the grant regarded as income? How should we treat this in our tax return?
- Are cash contribution from OCI subject to HST?
- Are cash contributions from OCI subject to tax?
- Can OCI make project payments in United States Dollars (USD)?
- If an industry partner remits funds to an institution for a project that has been withdrawn, can the institution use the funds for another project awaiting approval from OCI?
- Once my application has been approved by OCI, how long will it be before funds are deposited in our account?
Matching Funds
Eligible Project Expenses
- Are administrative support costs for a Research Finance Accountant on a Voucher for Innovation and Productivity I (VIP I) project an allowable expense?
- Can OCI funds be used to cover expenses associated with an OCI event?
- Can OCI funds be used to pay for retroactive expenditures incurred prior to approval of the application by OCI?
- What happens if an ineligible expense is charged to a grant?
- Do I need prior OCI approval if I intend to use OCI funds for trips to conferences outside of Ontario?
- What activities can I use my project funding to support?