Posts Tagged ‘business financing’

SWODF New Application Intake Dates Announced

The Southwestern Ontario Development Fund (SWODF) provides support for business growth projects and funding to cover up to 15% of project costs.

SWODF is maintained by The Regional Development Fund which supports eligible small- and medium-sized businesses investing in new equipment and training to expand operations in these regions, and also supports municipalities and not-for-profit organizations investing in economic development projects.

Funding

Loans

Up to 15% funding to a maximum of $5M, interest free-during the project period (up to 4 years). Up to 30% of the loan ($500,000 maximum) may be forgiven if investment and job targets are achieved.

Grants

Grants are available only for specific circumstances, up to 15% to a maximum of:

  • $500,000 for rural Ontario businesses with less than 100 employees.
  • $1.5M for strategic projects that are foreign direct investments or from companies competing against other jurisdictions.

* SWODF funding cannot be combined (“stacked”) with other provincial programs.

Eligibility

To be eligible, businesses must be:

  • Investing a minimum of $500,000 in their project ($200,000 for rural Ontario).
  • Employing at least 10 people ( 5 for rural Ontario).
  • Committed to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees).
  • Able to provide 3 years of operations/financial statements.
  • Located, or plan to be located, in Southwestern Ontario.

Applications

There are four application intake periods per year for full applications. Applicants will be notified of decisions within 60 business days of the application deadline.

Eligibility checklists may be submitted at any time.

Application PeriodAssessment PeriodNotification Date
December 2, 2019-January 20, 2020January 21, 2020-April 16, 2020April 16, 2020
March 5, 2020-April 20, 2020April 21, 2020-July 15, 2020July 15, 2020
June 5, 2020-July 20, 2020July 21, 2020-October 15, 2020October 15, 2020
September 3, 2020-October 19, 2020October 20, 2020-January 15, 2021January 15, 2021

To find out more about SWODF and other sources of funding to offset the costs of business growth, workforce development and innovation contact us today for a free consultation.

Federal SR&ED Legislative Proposal Status Update


on June 21, 2019, Bill C-97, an Act to implement certain provisions of the 2019 federal budget received royal assent and became law.

The Scientific Research and Experimental Development (SR&ED) Tax Incentive Program provides a  basic 15%, non-refundable credit to all businesses performing SR&ED in Canada. Eligible small and medium-sized enterprises (SMEs) can qualify for enhanced 35% refundable tax credit rate of qualifying SR&ED expenditures up to $3M per fiscal year.

Eligibility for the 35% rate was determined by a business’ level of taxable capital and income from the prior fiscal year. 

  • The taxable capital threshold is between $10M and $50M.
  • The taxable income threshold begins at $500,000 taxable income in the prior year and reduces current fiscal year eligibility for the enhanced credit on a sliding scale until $800,000 taxable income in the prior year.

Budget 2019 proposed to eliminate the income threshold to qualify for federal enhanced (refundable) SR&ED investment tax credits for taxation years beginning on or after March 19, 2019, for SMEs, in order to increase support for SMEs that are scaling up their R&D efforts or have variable income from year to year. The capital threshold will continue to apply.

The new law will allow CCPCs with taxable capital of up to $10M to access to the enhanced refundable SR&ED investment tax credit regardless of their taxable income.


Example of Calculating tax credits for CCPCs
in Ontario above the small business limit


The table above presents an example for calculating SR&ED tax credits for a CCPC in Ontario that qualifies for the federal ITC and provincial ORDTC, with less than $10M in taxable capital and more than $500,000 in taxable income. In some cases, companies may also qualify for the Ontario Innovation Tax Credit (OITC) at a tax credit rate of 8%.

Contact us today to find out how the new legislature will impact your business or if you would like to learn more about various government funding sources to innovate and grow your company.

5 Essential Tips for Maximizing Government Funding

By leveraging the right sources of government funding at the right stage of growth, you can significantly maximize your returns from government funding programs, while minimizing your investment in time.

Read our latest article in Small Business BC to find our how you can leverage government funding for your company or contact us today to arrange for a free, no obligation consultation to determine your eligibility for government funding programs.

NorthBridge is involved with a broad array of emerging industries throughout Canada. The Principals of NorthBridge are angel investors themselves with extensive experience in raising both debt and equity. This, coupled with NorthBridge’s expertise in various government funding programs, provides an unparalleled combination to assist Canadian technology companies with their growth trajectories.

 

Free November 21 Vancouver Seminar – Legal, tax and funding considerations for start-ups

Join specialists in Law, Accounting, Government Funding and Foreign Affairs to learn about how to grow your company.

Legal, tax and funding considerations for start-ups and growing companies, doing business in Canada and internationally (or planning to do so).

Whether you are a start-up, a growing company, or doing business internationally (or planning to do so), join us for this information session with specialists from the following organizations:

  • Manning Elliott LLP: Accounting and tax considerations
  • LaBarge Weinstein LLP: Legal structure, CCPC, EBC, M&A
  • NorthBridge Consultants: Government Funding programs for R&D, Innovation & (international) Growth
  • Global Affairs Canada: Government programs for doing business internationally

Short presentations will be followed by extensive Q&A opportunities.

Event details:

Date & Time:
Tuesday, November 21st  2017
From 8 AM to 10 AM (PST)

Location:
The Profile
535 Thurlow Street
Vancouver, BC
Canada (MAP LINK)

Get Tickets Online 

For more information, please contact Jaap Siekman:
Email: jaap@northbridgeconsultants.com
Phone: 604.562.5209

About the presenters:

Paul Leedham, CPA, CA, CGA

Paul is a partner at Manning Elliott LLP and provides accounting, assurance, and business advisory services with a primary focus on serving clients operating in the technology and investment fund industries. With over 17 years of experience, Paul works with technology companies and their financial and legal advisors to identify optimal strategies to monetize available incentive tax credits and other sources of funding for their organization.

Fernando Costa, CPA, CA

Fernando is a partner at Manning Elliott LLP and provides accounting, assurance, and business advisory services with a primary focus on assisting clients with the going public process and accessing capital markets. With over 25 years of experience, Fernando works with companies and their advisors to ensure they achieve their goals.

Kyle Lavender, BSc, JD

Kyle is a lawyer at LaBarge Weinstein LLP and practises corporate and securities law with a focus on corporate finance, mergers and acquisitions and corporate/commercial matters. He advises clients in connection with a variety of domestic and cross-border transactions including acquisitions, venture capital, growth equity and private equity financings, strategic alliances and initial public offerings. Kyle practices law in British Columbia and Ontario, and advises both domestic and international clients.

Jaap Siekman MSc, PEng, PMP

Jaap has 25+ years’ experience in Engineering, Product Development and Management in a variety of industries. As the Regional Manager for NorthBridge Consultants, he provides information on many Government Funding programs that support Innovation in Canada.

NorthBridge is a national consultancy firm, with offices in BC, ON and QC.

Laura Clarke, Trade Commissioner, Global Affairs Canada

Laura Clarke is a Trade Commissioner based out of Global Affairs Canada’s Vancouver Regional Office. For the past 5 years, she has been supporting BC companies with wireless, telecommunications, financial technology, health IT and cyber security solutions, connecting them with resources locally and abroad. She was part of the team that established our Canadian Technology Accelerator in London, UK, in 2014, and returned in 2016 to expand the program to sectors outside of ICT. Prior to moving to Vancouver, Laura was part of Canada’s negotiating team for the Comprehensive Economic and Trade Agreement (CETA) as a Senior Trade Policy Officer in the CETA Secretariat.

Upcoming PDAC Convention March 6-9 in Toronto

Established in 1932, and best known for its annual convention, the Prospectors & Developers Association of Canada (PDAC) represents the interests of the Canadian mineral exploration and development industry, with over 8,000 individual and corporate members.  The PDAC International Convention, Trade Show & Investors Exchange is the world’s leading convention in the mineral exploration and development sector.  PDAC will be holding its 84th edition of the convention on March 6th to 9th, 2016 at the Metro Toronto Convention Center.

The PDAC convention offers a unique opportunity to attend technical sessions, short courses and network with over 1,000 exhibitors and 23,500 attendees from over 100 countries. Scheduled events at the 2016 convention include the Capital Markets Program, a Corporate Presentation Forum for Investors, the Corporate Social Responsibility Event Series, the Aboriginal Program, Letter Writer Presentations for Investors, and an array of short courses in addition to open sessions, presentation and reception rooms, as well as student and technical programs.

According to PDAC President Rod Thomas, “The PDAC Convention is designed to help the sector find the creative answers it needs to meet the challenges it faces. The convention itself remains the industry’s premier meeting place for deals and options on properties to germinate or take place.” Last year, the 2015 PDAC convention attracted over 23,500 investors, analysts, mining executives, geologists, prospectors and government officials from 116 countries, including 30 federal Members of Parliament as well as eight Cabinet Ministers, and six provincial and territorial Ministers. In addition to a plethora of exhibiting booths, attendees at the 2015 PDAC convention were offered several sessions that examined how to leverage current funds and find new/alternative financing solutions.

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