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$1.26B Canada Strategic Innovation Fund Launched

Manufacturers and technology firms who invest in innovation can now apply for repayable and non-repayable funding of up to 50% of eligible project costs under the recently launched Strategic Innovation Fund (SIF). 

If your company is investing in R&D or expansion, the SIF can help support the costs of direct labour, subcontractors and consultants, as well as overhead, direct materials and equipment, land and building and other direct costs.

Launched on July 5th 2017 with the objective of spurring Canadian innovation, the SIF provides funding under four streams:

  • Stream 1 (R&D)- Encourage R&D that will accelerate technology transfer and commercialization
  • Stream 2 (Expansion)- Facilitate the growth and expansion of firms in Canada
  • Stream 3 (Global Investment)- Attract and retain large scale investments to Canada
  • Stream 4 (Collaboration)- Advance R&D through collaboration between universities, non-profit organizations and the private sector.

With a $1.26B budget allocated for five years, the SIF provides a good alternative to IRAP funding. It consolidates and simplifies the previous Strategic Aerospace and Defence Initiative, Technology Demonstration Program, Automotive Innovation Fund and Automotive Supplier Innovation Program.

Contact us to today for a free, no obligation consultation to find out how the SIF can help you maximize your R&D and business growth initiatives.

Spring 2017 Newsletter- Canadian Business Growth and Innovation Funding

In our most recent Newsletter, we examine the performance of the Canadian economy, while comparing economic performance between provinces and the investments that each government has set aside to encourage business growth and innovation.  Provinces have proposed a variety of solutions to stimulate economic growth, including but not limited to tax rate reductions for small businesses, funding opportunities for early-stage start ups, tax credits to stimulate innovation, and funding for the development of technology clusters.

 

 

NorthSpring Capital Partners Invests over $1.5 million in Five Companies in the Toronto-Waterloo Technology Corridor

NorthSpring Capital Partners announced recent investments in five high growth companies located in the Toronto-Waterloo technology corridor:

  • SSIMWave Inc.
  • Intellijoint Surgical Inc.
  • Sprout Wellness Solutions
  • HTBase Inc.
  • Envoy Energy Inc. and ComTech CNG

Trade Show Funding Deadline Extended

The Ontario Chamber of Commerce has released an update to the Export Market Access (EMA) program informing applicants that they will be accepting applications for trade shows that occur before June 30, 2017.

Do you have a global mindset but think your company is too small to be an exporter? Well, think again.

Recognizing that some companies naturally have a global mindset early on in their development, the EMA program was established to help small- to medium-sized enterprises (SMEs) access and expand their growth in foreign markets.

Through the EMA program,  companies can receive funding of up to 50% for a maximum of $30,000 towards eligible activities including international trade show attendance, development of marketing tools, investment in market research, and participation in foreign bidding projects.

Interested applicants are encouraged to review the new Application Guide, released in January 2017, to ensure that they meet eligibility requirements, or contact our government funding experts directly, for a free consultation.

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Federal Budget 2017 Highlights

Federal Finance Minister Bill Morneau’s second budget, tabled on March 22, 2017, forecasted an increase in the 2017-2018 deficit from $25.4B (projected in the fall) to $28.5B. Deficits are expected to decline gradually to $18.8 billion by 2021-2022.

There were no proposed changes to the corporate income tax rates or to the $500,000 Small-Business Deduction Limit for Canadian-controlled private corporations (CCPCs).

Budget 2017 provides a platform for the anticipated Innovation Agenda by proposing several new initiatives including:

Skills Development

  • $2.7B over 6 years for skills training programs through labour market transfer agreements with the provinces and to expand eligibility relating to Employment Insurance (EI) skills training/employment support;
    • Programming, and/or metrics to measure performance, will depend upon negotiations with provinces;
  • $225M over 4 years, starting with $75M in 2018 and an additional $75M per year thereafter, to establish a new agency to research and measure skills development;
  • $7.8M over two years, starting in 2017, to implement the new Global Talent Stream under the temporary Foreign Worker Program, and to introduce a new work permit exemption for short-duration work terms under the Global Skills Strategy;
  • $287.2M for a pilot project taking place over three years, starting in 2018-2019, to increase mature student access to government student grants and loans;
  • $395.5M, over three years for a youth employment strategy; and
  • $50M over two years to support initiatives aiming at teaching students to code.

Innovation

  • $950M, provided on a competitive basis over 5 years starting in 2017, to support business-led “superclusters” in clean technology, advanced manufacturing, digital technology, health/bio sciences, clean resources, and agri-food;
  • $125M to launch a pan-Canadian Artificial Intelligence Strategy to be administered by the Canadian Institute for Advanced Research (CIFAR); and
  • $2.2B to accelerate growth in Clean Technology, of which $1.4B will be provided through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).

Startups and Small Businesses

  • $400M to BDC over 3 years, starting in 2017, for a new Venture Capital Catalyst Initiative to increase availability of late-stage venture capital;
  • Additional private funding available through the recently announced Canadian Business Growth Fund, which was created by Canada’s leading banks and other key financial institutions to provide long-term capital through minority interests in small- and medium-sized Canadian enterprises; and
  • A commitment to review the use of tax planning strategies involving private corporations, which can result in  tax advantages.

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  • NorthBridge Consultants' Government Funding Blog is dedicated to bringing businesses news and information to help them identify and access the most appropriate government funding programs.

    We offer opinions and insider information that can provide a pulse on government initiatives, the health of the Canadian economy, and firsthand thoughts from Canadian business owners.

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