Budget 2017. What’s in it for you?

Last week the Federal Government announced the budget for the upcoming fiscal year starting April 1, 2017. From the government funding perspective the budget is focused on three key areas: youth, skills, and innovation. Below you’ll find the main announcements in those key areas that we’ve highlighted for you.

Hiring Youth under 30 years old, e.g. students, recent graduates, etc.
  • Youth Employment Strategy got approximately $100M which means that all industry-specific wage subsidies will be renewed next week.
  • Mitacs program got new funding to expand its operations. This program supports several levels of paid internships and helps you hire the interns.
Skills Training
  • More funding is allocated to Canada Job Grant funding programs for skills training. The budget also promised to make eligibility rules easier.
  • A special funding program for skills training of Indigenous peoples will be established.
Innovation, R&D
  • Industrial Research Assistance Program (IRAP) will be renewed.
  • Industry Canada’s ASIP, AIF, SADI and TDS funding programs for automotive and aerospace industries will be amalgamated. No impact on the eligibility so far.

Priority Industries

The following industries are the priorities for the government and they will get extended funding in 2017 fiscal year:

  • Advanced manufacturing
  • Clean technologies and greenhouse gas emission reduction: SD Tech Fund
  • Digital technologies
  • Agri-food technologies: AgriInnovation and Growing Forward programs
  • Health and bio technologies
  • Clean energy resources

Risk and Concerns

  • The budget promised to review and simplify government funding programs across federal departments and development corporations. FedDev Ontario, FedNor Ontario, Western Economic Development Corporation, Atlantic Canada Opportunities Agency and others may be atrisk.
  • SR&ED Tax Credit program will be reviewed. More funding is allocated for CRA to hire more auditors.
  • No word on any national funding program for equipment purchasing and productivity improvement.
  • The goal is set to grow Canadian exports by 30 per cent by 2025. Yet noword is on whether or not CanExport program’s rules will change.

What should you do now?

Check eligibility of your business for the government funding atwww.fgwinc.ca/eligibility and we will guide you through next steps. Or simply respond to this email with your questions.

 

Sincerely,
Igor Chigrin

Business Funding Expert
647.800.5006 office
You get government financing or our writing is complimentary