Grants for March 2023

New Tax Credit is Coming Soon

Next week both the provincial and Federal government will announce the budgets for the next fiscal year starting April 1, 2023. There are several new programs we expect and we will keep you posted. But the good news about some of those new programs just came out.

Ontario introduces an Ontario Made Manufacturing Investment Tax Credit, a 10% grant on the cost of eligible manufacturing equipment.

We will know more about eligibility and how the program will work in the next few weeks, so please, stay tuned. In the meantime, consider applying for the following grants:

CanExport – provides 50% of your export marketing costs.

CME Technology Investment Program – provides 50% of the new equipment, robotic, automation and IioT costs.

Digital Competence Centre – provides 50% of the software and hardware costs.

Need help with this or other government funding programs but don’t know where to start or how to prepare an application?

CHECK ELIGIBILITY

BC Manufacturing Jobs Fund

Amount: 20% of the equipment & related cost with the maximum amount of $10M.

Get Started

IRAP Reform is Coming

Industrial Research Assistance Program (IRAP) is one of the oldest and most popular government funding programs for research & development. It is available for most of the established technology, manufacturing and agri-food firms that have specific upcoming R&D projects with a defined scope and resource allocation. Startups can also access funding if they meet certain conditions.

The National Research Council of Canada (NRC) currently manages the program. In order to access the funding, you need to contact the NRC first and speak to a dedicated program representative called the Industrial Technology Adviser (ITA).

Now that’s about to change. The program is being reformed. Here is what you need to know.

  1. The Federal government will establish a new Canada Innovation Corporation (CIC)
  2. IRAP will be merged with CIC, and all ITAs will seamlessly transition to the new corporation
  3. There will be three program streams in the future:
    – Applied Research
    – Experimental Development
    – Technological Adaptation
  4. No major changes to the eligibility rules are expected
  5. The amount of funding will range from $50K to 5M, and up to 20M exceptionally
  6. The review process of smaller projects will be streamlined to enable faster decision making
  7. An extensive expert review of large-scale projects will be done at the beginning of the project to secure cash flow

The corporation is expected to be up and running by April 1, 2024, so you have the entire year to apply for the good old Industrial Research Assistance Program.

Need help with this or other government funding programs but don’t know where to start or how to prepare an application?

CHECK ELIGIBILITY

CME Technology Investment Program – Southern Ontario Grant for Equipment

Amount: 50% of the project cost up to $50,000.

Get Started