There are many different government funding programs available to Canadian companies. The Scientific Research and Experimental Development (SR&ED) program is $3.5 billion tax credit initiative that encourages Canadian companies to invest in R&D. However, to optimize corporate returns from government funding programs, other grants can be leveraged in addition to SR&ED.
One of the main priorities for government grants is training. Currently available is the Yves Landry fund that provides up to $50,000 for training that supports new technology, new processes, and innovation. Projects eligible for this grant could indirectly lead to an increased number of employees and labour expenditures that would be claimable for SR&ED. For example, training an unskilled employee on a newly-developed manufacturing process could potentially make his production labour eligible for SR&ED tax credits. Training your employees so that they could be promoted to more senior positions could also potentially increase SR&ED expenditures.
NorthBridge’s team of business analysts and grant writers can help identify eligible projects for both SR&ED and grant funding programs. We offer a comprehensive service that assists with the identification of funding opportunities, the filing of the application, and the required reporting after application submission.