Canada is determined to support businesses and the country’s burgeoning middle class. One of the ways it does so is by providing grant and refund programs. Tailored to a specific niche or target area, there are usually differing requirements for each, but they all require an application and documentation to back up why your business qualifies.
Advanced Manufacturing Supercluster
Sponsored by Next Generation Manufacturing Canada, businesses can tap into the Advanced Manufacturing Supercluster. Collaborate with partners on next level projects ranging between $1 million and $20 million. Choose from innovative sectors like machine learning, the internet of things (IoT), advanced robotics and 3D printing. Your business could get reimbursed for up to 44.4 percent of your eligible costs.
CanExport Innovation Program
Becoming a global leader in the technology sector is one of the government’s goals, and its CanExport Innovation Program is well-equipped to support that. Overseen by Global Affairs Canada, the Canadian Government and Trade Commissioner Service, this program provides funding for up to 75 percent of your business’s eligible expenses incurred during the support of an international collaboration. Meeting costs, legal fees, accommodations, local and international travel, and meals are just a few examples of costs that could be eligible.
Scientific Research and Experimental Development Tax Incentive Program
The Scientific Research and Experimental Development Tax Incentive Program — or SR&ED Program as it’s better known as — is a refund program supported by the Canada Revenue Agency and the Government of Canada. It provides a tax credit of 15 percent on research and development projects if your Canadian business is a small- or mid-sized private corporation. You might also be eligible for a refund of 35 percent on the first $3 million you spend on the project if it meets the qualifications.
The Quebec Consortium for Drug Discovery offers Quantum Leap grants from $500,000 and up to $2 million for research and development projects. In order to qualify, projects need to be innovative platforms, technologies and tools that facilitate new therapeutic approaches as well as the drug discovery and development process.
Collaborative Research and Development Grants
In order to tap into up to $1 million worth of Collaborative Research and Development Grants each year, your business must collaborate with a university researcher on research and development projects. The maximum length of duration of the project cannot exceed five years, and it must lie within the fields of engineering and/or the natural sciences. The Natural Sciences and Engineering Research Council of Canada and the Canadian government are sponsors of this grant.
The above five grant and refund programs are just the beginning. The Canadian government has a number of location-specific programs as well as others that your business might be able to take advantage of.
Contact us to learn more.