While some puzzles can be fun, delving into the wide array of government funding programs available to benefit businesses can be a complicated process. Between application deadlines, funding limits, program requirements and budget changes, it can be difficult to decipher what funding programs are right for your company. Some initiatives were created to support startups, while others aim to assist established entities, and adding to the complexity are the various programs that target certain industries or economic activities. Each of these hurdles is part of the puzzle, and we can help you make sense of it all. Let's break it down, piece by piece.
Technology – Your first piece
If the key to your success is technology, the Scientific Research and Experimental Development (SR&ED) program can assist your business in the form of tax credits. If you have recently undertaken the development of a new product or process, made significant improvements to your existing technologies, or developed new or next generation technologies, you could be missing out on a significant amount of tax refunds or credits. This is just one example of many programs that can help you build your technologies.
Hiring – The next piece of the puzzle
In order to build your business, you need high-performance people. Career Focus is a Canada-wide program designed to help you hire, train, and retain talent. The program provides funding opportunities for companies who employ and professionally mentor Canadian youth. With funding available to cover a maximum of 80% of expenses for approved activities, this grant could be the piece you have been looking for.
Exporting – That piece you might not be sure fits in…
Most businesses are interested in expanding beyond Canadian borders and the government supports this type of global growth. Export Development Canada has a range of programs designed to help Canadian businesses grow, and can help ensure you get paid by your foreign customers.
Energy Efficiency – An important piece
Sustainability and energy efficiency are clearly a focus of today's government and there are programs that direct resources toward these goals. The focus of Sustainable Development Canada (SDTC) is filling the funding gap for the development of clean technologies and offering coaching to help bring them to market.
It is clear that government funding programs can be a complex, overwhelming puzzle. We get many questions about these programs from our clients and contacts on an ongoing basis, and specialize in helping people put the puzzle together every day. If you have any questions or want to learn more about how BDO can help, contact David Spicer.
Learn more about BDO Canada's Government Grant & Tax Credit Consulting Services.