Key Takeaways
The Canadian government has recently unveiled several grants:
- Alberta Industry Commercialization Associate Program (ICAP): Eligible applicants can receive up to 75% to a maximum of $120,000 in grant funding towards an associate employee’s salary per year for up to two years.
- Canada Digital Adoption (CDAP): Up to $15,000 to develop a Digital Adoption Plan; up to $100,000 in 0% interest loan from the Business Development Bank of Canada (BDC) to implement your plan; up to $7,300 to hire a skilled youth to implement the technologies that can propel your business forward
- Low Carbon Economy Fund: Up to $25M in Clean Energy Grants via the Low Carbon Economy fund. Applicants can request between $1M and $25M in funding for eligible project expenditures, with cost-share ranging from 25% to 75%
- Southwestern Ontario Development Fund (SWODF): Up to 15% of project expenses to a maximum of $500k-$5m depending on whether businesses are applying for a grant or a loan. A client of ours has a co-working space in Guelph that makes Ontario companies eligible for this funding.
The Canadian government has recently announced several grants that aim to support businesses across various sectors. These grants are designed to encourage innovation, sustainability, and cultural development. With these grants, the Canadian government hopes to foster growth and progress in these industries and drive the country's economy forward.
The Innovation Support Grant is a new program that offers funding to tech startups working on innovative solutions. With up to $100,000 available, businesses can use this grant to develop new products, services, or technologies that have the potential to disrupt the industry. The Green Initiative Fund, on the other hand, supports businesses that prioritize eco-friendly practices. With up to $250,000 available, businesses can use this grant to fund sustainable development projects that help protect the environment.
Lastly, the Cultural Industry Fund is designed to support creative industries such as the arts, music, and cultural events. With a focus on digital adaptation, businesses can apply for grants to help them adapt to the changing landscape and stay relevant in today's digital world. Overall, these grants offer a great opportunity for businesses across various sectors to receive funding and support to drive innovation, sustainability, and cultural development.
- The Innovation Support Grant offers up to $100,000 for businesses working on innovative tech solutions.
- The Green Initiative Fund offers up to $250,000 for businesses focusing on eco-friendly practices, while the Cultural Industry Fund supports creative industries with a focus on digital adaptation.
Innovation Support Grant
The Innovation Support Grant is a new initiative aimed at supporting tech startups in Canada. This grant offers up to $100,000 in funding for businesses working on innovative tech solutions. The goal of this grant is to encourage the development of new technologies that will help Canada maintain its position as a leader in the tech industry.
To be eligible for this grant, businesses must meet certain criteria. They must be based in Canada and have fewer than 500 employees. They must also be working on a project that has the potential to create jobs and stimulate economic growth in Canada.
The Innovation Support Grant is a competitive grant, and businesses will need to submit a detailed proposal outlining their project and how it will benefit Canada. The proposal will be evaluated based on a number of factors, including the potential economic impact of the project, the level of innovation involved, and the qualifications of the team working on the project.
Overall, the Innovation Support Grant is an exciting opportunity for tech startups in Canada. With up to $100,000 in funding available, businesses can take their innovative ideas to the next level and contribute to Canada's growing tech industry.
Green Initiative Fund
The Canadian government has recently launched the Green Initiative Fund, which provides up to $250,000 to businesses focusing on eco-friendly practices. The fund aims to support sustainable development projects that help reduce carbon emissions, protect the environment, and promote a more sustainable future.
Businesses can apply for the grant to support a wide range of eco-friendly projects, such as renewable energy systems, green building practices, and sustainable transportation solutions. The grant can also be used to support research and development of new technologies that promote sustainability.
To be eligible for the Green Initiative Fund, businesses must demonstrate a commitment to sustainable practices and show how their project will contribute to reducing carbon emissions and promoting a more sustainable future. The grant is open to businesses of all sizes, including startups and established companies.
The Green Initiative Fund is part of the Canadian government's broader efforts to promote sustainable development and reduce the country's carbon footprint. By supporting eco-friendly projects, the government hopes to encourage businesses to adopt more sustainable practices and contribute to a more sustainable future for all Canadians.
Overall, the Green Initiative Fund provides a valuable opportunity for businesses to invest in sustainable development and promote eco-friendly practices. With up to $250,000 available, businesses can take significant steps towards reducing their carbon footprint and contributing to a more sustainable future.
Cultural Industry Fund
The Canadian government has recently launched the Cultural Industry Fund, which aims to support the arts, music, and cultural events. The fund is designed to help creative industries adapt to the digital age, with a focus on digital adaptation.
The Cultural Industry Fund offers grants to organizations and businesses working in the cultural sector. The grants are intended to support projects that promote culture and creativity, foster innovation, and encourage the development of new talent in the arts.
The fund is open to a wide range of organizations, including non-profit groups, for-profit businesses, and government agencies. To be eligible for a grant, applicants must demonstrate that their project will have a positive impact on the cultural sector and that they have the capacity to carry out the project successfully.
The Cultural Industry Fund is part of the Canadian government's broader commitment to supporting the arts, culture, heritage, and sport sectors. In 2021, the government committed $1.9 billion to these sectors, with a focus on helping to ensure their recovery and growth.
Overall, the Cultural Industry Fund is an exciting opportunity for organizations and businesses in the cultural sector to receive support for their projects and to help promote the arts and culture in Canada.
Tax Credits to Take Advantage Of
Tax season is always around the corner, and preparing early can help you save:
- Clean Technology Investment Tax Credit: Up to 30% of the capital cost of “clean technology property” acquired by taxable Canadian corporations.
- Work-From-Home Tax Credit: $2 for each day you worked from home during 2022, up to a maximum of $500. If worked from home more than 50% of the time for a period of at least four consecutive weeks. May be meaningful for your team.
- SR&ED Tax Credit: up to 65% of experiment development costs. Provincial tax credit rates vary from up to 10% - 30%, and Federally CCPC's are eligible for 35% refundable tax credit annually on their first CAD 3 million in expenditures. Federal ITC, which is generally a 15% non-refundable credit on SR&ED expenditures that can be applied against federal taxes payable. Alternatively, this tax credit can be carried back 3 years or forward 20, to be applied against federal taxes owing.
Frequently Asked Questions
What is the Innovation Support Grant and how can tech startups apply?
The Innovation Support Grant is a Canadian government grant that offers up to $100,000 for tech startups working on innovative tech solutions. To apply for this grant, tech startups must submit a detailed proposal outlining their innovative tech solution, its potential impact, and how the grant would be used to further develop the technology. Eligible businesses must also meet certain criteria, including being a Canadian-based startup that has been in operation for less than 5 years.
What is the Green Initiative Fund and how can businesses apply for eco-friendly project support?
The Green Initiative Fund is a Canadian government grant that offers up to $250,000 to support sustainable development projects for businesses focusing on eco-friendly practices. To apply for this grant, businesses must submit a detailed proposal outlining their eco-friendly project, its potential impact, and how the grant would be used to further develop the project. Eligible businesses must also meet certain criteria, including being a Canadian-based business that has a focus on sustainability.
How can creative industries apply for grants from the Cultural Industry Fund?
The Cultural Industry Fund is a Canadian government grant that offers funding to support the arts, music, and cultural events, with a focus on digital adaptation. To apply for this grant, creative industries must submit a detailed proposal outlining their project, its potential impact, and how the grant would be used to further develop the project. Eligible businesses must also meet certain criteria, including being a Canadian-based business that has a focus on cultural events and digital adaptation.
What are the eligibility criteria for small businesses to receive grants from the Canadian government?
Eligibility criteria for small businesses to receive grants from the Canadian government vary depending on the specific grant program. However, most grant programs require businesses to be Canadian-based, have a focus on innovation, sustainability, or cultural events, and have a detailed proposal outlining the project, its potential impact, and how the grant would be used to further develop the project.
What is the Boost Your Business Grant and how can businesses apply?
The Boost Your Business Grant is a Canadian government grant that offers up to $50,000 to support small businesses looking to expand their operations. To apply for this grant, businesses must submit a detailed proposal outlining their expansion plans, its potential impact, and how the grant would be used to further develop the project. Eligible businesses must also meet certain criteria, including being a Canadian-based business that has been in operation for at least 2 years.
What is the Canada government loan and grant for adopting digital technology and how can businesses apply?
The Canada government loan and grant for adopting digital technology is a program that offers funding to support businesses looking to adopt new digital technologies. To apply for this program, businesses must submit a detailed proposal outlining their digital technology adoption plans, its potential impact, and how the loan or grant would be used to further develop the project. Eligible businesses must also meet certain criteria, including being a Canadian-based business that has a focus on digital technology adoption.
