Canada has one of the most generous and lucrative tax credits, grants, loans and other funding programs in the world applicable for various IT and manufacturing industries. The funding programs have been designed to support Small to medium size enterprises (SME). The funds for small businesses have been planned to encourage SMEs for invest in:
- Developing a new product, process, or material (R&D)
- Partnering with academia for technology development
- Developing new environmental or energy-efficient solutions
- Developing an interactive multimedia application
- Bringing a new product to market (commercialization)
- Obtaining financing for innovative new products
- Hiring specialized technical staff or youth into your workforce (on a full time or internship basis)
- Training or retraining staff for new technical skills
- Expanding your business into foreign markets
- Implementing manufacturing productivity improvements
- Setting up or expanding operations into Northern or Eastern Ontario
Unfortunately, government funding programs are not consolidated on any one website. Kelid™ has fully updated list of recent available funds as well as how to find applicable programs for your industry. Kelid™ has access to hundreds of programs that are available to Small businesses and provide assistance in preparation and submission of required applications.
To be entitled for each funding resource available to you, a company must fulfill specific requirements such as number of employees, annual sales, the number of years in business and so forth. Generally, minimum requirements are two years of corporation’s establishment and having at least one person on payroll. Some funding programs have restrictions on the number of people on payroll (e.g. 5, 15 or more employees) and have revenue limits of under $500k. The funding will be payable in various forms such as tax credits, loans, grants, etc. Eligible expenditures may vary for each and every funding programs and may include direct labour, materials, contractors, capital equipment, travel, marketing, training, and/or software development expenses.