Adverse political events always create uncertainty, but we are here to back you up.
As you may have heard in the news, this year started with Canada’s prime minister’s resignation. But what does this mean for the Canadian government’s funding: grants, interest-free loans, and tax credits?
First, all Federal programs that are continuously open for applications will be available until March 31, 2025 (government fiscal year-end) and will likely be extended beyond that date. Chances are we won’t have a new Federal budget in 2025, so we will automatically have what we had in 2024. These programs include SR&ED Tax Credit, Clean Economy Tax Credits, Industrial Research Assistance Program including AI Assist, grants directly provided by Federal ministries, etc.
There is a moderate risk that Federal programs currently out of funding, like CanExport, won’t resume. We will let you know when we have more information.
Federally-funded Regional Economic Development Agencies that provide interest-free loans to expanding Canadian businesses may pause intakes or choose not to open new intakes until the next election or budget. This may impact businesses in Ontario, where FedDev has only a handful of application intakes a year.
Lastly, there is no impact on Provincial and Territorial grants, loans, and tax credits. There is also no impact on jointly funded programs such as the Sustainable Canadian Agricultural Partnership or Canada Job Grants for skills training.
