Toronto's Imagination, Manufacturing, Innovation and Technology (IMIT) business incentive helps to reduce business costs. The IMIT Program was approved unanimously by Toronto City Council and supports new building construction and/or building expansion in targeted sectors and areas across the City.
Eligible developments will benefit from a grant of 60% of the increase in the municipal taxes attributable to the eligible development over a 10-year period.
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The incentive level for construction of new buildings or substantial renovation of existing buildings in Employment Districts and other designated Employment Areas shown on Map 2 and Maps 13 – 23, Areas A-K of the City of Toronto Official Plan has been increased to 70% of the increase in the municipal taxes attributable to eligible commercial and industrial construction over a 10-year period. When part of a combined Brownfield Remediation Tax Assistance (BRTA) application the incentive increases to 77%.
Eligible sectors and uses
The program generally targets the following:
- Biomedical Operations
- Creative Industries
- Financial Services
- Information and Communications Technology
- Tourism Attractions
- Call Centres
- Computer Systems Design and Services
- Convergence Centres
- Corporate Office
- Corporate Headquarters
- Film Studio Complex
- Food and Beverage Wholesaling
- Office Building
- Information Services and Data Processing
- Scientific Research and Development
- Software Development
- Transformative Project
- Applications must be submitted prior to issuance of the main building permit
- The property must not be in tax arrears
- The owner must develop an employment plan to support local hiring and/or training
- If the construction value exceeds $150,000,000 application will require City Council approval
- Construction must:
- conform to all City processes and permits. Status to be confirmed annually.
- value at least $1 million as evidenced on application and the main building permit
- meet minimum Toronto Green Standard
- not be demolished over the term of the incentive
- The development must increase the amount of GFA for Eligible Uses by at least 500 square metres
- New building, expansion or substantial rehabilitation of existing building
- Eligible Location
- Eligible sector or use
- Applicant must be the owner of property or their designated agent
- Agree to meet annual reporting requirement
Community Improvement Plans
The program applies to designated areas within the City as outlined in the following three Community Improvement Plans:
- Waterfront consisting of three Focus Areas: East Bayfront, West Don Lands, and Port Lands.
- South of Eastern district
Email us at email@example.com or call 416-392-0626 for the Imagination, Manufacturing, Innovation, Technology Property Tax Incentive Program application form.