The Federal 2022 is finally out and I am happy to share some of the updates with you. I will only focus on everything related to the funding for businesses.
- Regional Development Agencies’ programs got a boost. It means that the programs such as Strategic Innovation Fund, Jobs & Growth Fund etc. will be continued through this new fiscal year.
- There will be dedicated funding support for the tourism sector but appears to be no more emergency support for the other sectors.
- Canada Small Business Financing Program will be enhanced, but was also already promised in the 2021 budget and not delivered
- A new Canada Growth Fund will be established to “attract substantial private sector investment to help meet important national economic policy goals:
1. To reduce emissions and contribute to achieving Canada’s climate goals;
2. To diversify our economy and bolster our exports by investing in the growth of low-carbon industries and new technologies across new and traditional sectors of Canada’s industrial base; and
3. To support the restructuring of critical supply chains in areas important to Canada’s future prosperity – including our natural resources sector.”
- A new Canadian Innovation and Investment Agency will be established. The agency that will specialize in boosting private-sector R&D through funding.
- Scientific Research & Experimental Development Tax Credit program will be reviewed, but no changes are promised so far – Only review.
- Supercluster programs renew and get additional boosts.
- Canadian Agricultural Partnership programs will be renewed but the intakes may not start until 2023. The budget is a bit unclear about it.
- CanExport program will be continued and gets an annual budget enough for approximately 140 applicants per year. So don’t delay applying for the program.
- National Research Council will be modernized but the budget says nothing about its Industrial Research Assistance Program.
- Agricultural Clean Technology Program and On-Farm Climate Action Funds will be extended.
- New tax credits are promised for purchasing net-zero technologies, battery storage solutions, clean hydrogen and carbon capture technologies.
Need help with applying for the government funding programs but don’t know where to start or how to prepare an application?
Fill out Eligibility Check form at http://www.fgwinc.ca/