Posts Tagged ‘canadian innovation’

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.

Health Innovation Week Showcases Canadian Medical Technology Advancements

This year marked the 6th annual MaRS Health Innovation Week (HIW), Canada’s largest gathering of health startups, investors and the health ecosystem, as over 4,000 attendees collected to network, secure funding, and learn from industry experts.  HIW events were focused around three key conferences this year including HealthKick Adopt, HealthKick Investment, and HealthKick Focus.

Health Innovation Week 2019, Healthkick Invest

HIW kicked off with HealthKick Adopt, where health institutions, decision-makers and entrepreneurs came together to drive the adoption of the latest health solutions in local and foreign markets. The HIW Healthkick Focus events explored “How AI Will Transform the Pharma Industry” and “The Intersection of Innovation and Aging.”  

Next came HealthKick Invest, which is the largest early-stage health investment conference in Canada.  It provided a platform for attendees to connect with global venture capital funds, family offices, angel investors and other capital partners through a series of investment panels, networking events, one-on-one meetings and the HealthKick Challenge pitch competition.

Medical technology startups pitched to Canadian and U.S VCs, other investors, c-suite leaders and industry partners for a chance win up to $25000 in cash prizes as well as in-kind services valued up to $10000 at the Healthkick Pitch competition. The competition showcased 16 Medical devices, pharma & biotech, and digital health companies, and three finalists were then chosen from each industry category.  The pitch competition prize was awarded to Nanology Labs, a pharmaceutical company that harnesses advanced nanotechnology to detect and treat cancers at the early stages. In kind services were awarded to the runners up, Managing Life, an industry-leading digital pain management solution, and ImmunoBiochem Corporation an oncology biotechnology company that is innovating the targeting of heterogeneous solid tumors.  

Healthkick Pitch Competition Finalists (Top left: Christopher Jones, Partner at Blakes. Top right: Mohammad Ali Amini, CEO at Nanology Labs. Bottom left: Tahir Janmohamed, CEO at Managing Pain. Bottom right: Anton Neschadim, CEO at ImmunoBiochem)

Fundraising panel discussions provided attendees with the opportunity to gain investor insights on deal making, raising capital, expectations following investment, and the effects of public markets on private health investing. The panel emphasised the importance of startups having alignment with the investor, understanding what value the investor brings to the table other than just money, and maintaining trust and transparency with investors after the close.   

Investing panel discussions ran in parallel with the Fundraising panels and addressed digital health, medical device and therapeutics investing, multinational partnering and corporate venture capital investing, as well as Angels and family offices investing in Health. The investing panels wrapped up with a discussion on “Why Invest in Canada,” which identified Canada’s medical technology infrastructure and talent arbitrage as major advantages amidst current political and economic volatility. But the panel also highlighted a lack of Canadian aspiration, emphasizing the need for a change in mindset to dream bigger in order to create anchor companies and advance medical technology commercialization.  

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Canada’s Tech Week: Elevate TechFest 2018

Elevate Techfest, Canada’s largest technology and innovation festival, takes over downtown Toronto from Sept 22 – 27 with a full week of events featuring inspiring speakers, content tracks, and networking events.

It was kicked off this Friday with a three day Hackathon that aims to “tap into our countries collective intelligence and create solutions around some of the toughest urban problems.”  500 hackers, including a mix of students and early career professionals, the youngest being just 7 years old, gathered at Toronto’s MaRS Discovery District for the opportunity to win a total of $18,000 by creating the innovative building blocks of a Smart City…”a fully connected urban center that uses technology to improve financial security, housing affordability, environmental sustainability, communication, as well as social and economic equality for its citizens.”

The Hackathon consisted of three main challenges focused on smart economy, connected communities and vibrant living. The first prize winners, StableHacks, took $10,000 and were selected based on a criteria of innovation, impact, use of data & technology and alignment with the challenge as well as data privacy and feasibility.

This week, Keynote speakers such as Al Gore, Whitney Wolfe Herd and Wyclef Jean will take the main stage on Tuesday September 25th to discuss the role of technology and collaboration in shaping the future. Beyond the stage, Elevate will be hosting the Corporate Buyer Zone and the Investor Zone, the ElevateR Pitch, and an exclusive Access Lounge.

More than 10 dedicated Elevate Educate content tracks will be hosted on Wednesday September 26th at various Elevate Village venues throughout downtown Toronto. Each track features a full day of curated programming and networking opportunities in fields such as Artificial Intelligence, Health, Cannabis, Retail, Fintech, and Blockchain.

The Toronto tech and innovation community will be opening its doors on Thursday, September 27, with Elevate Talent, giving participants a mix of programming and behind the scenes access to some of the world’s most innovative companies, founders and thought leaders.

This Year, Elevate is expected to draw over 10,000 guests from investors, government and media to youth, scale ups and talent to “disrupt together, celebrate diversity and inclusiveness, and proudly showcase the best of Canadian innovation.”

 

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NorthBridge Celebrates 25th Anniversary

On October 23rd 2017, NorthBridge Consultants will be celebrating 25 years of service to small- and medium-sized businesses located throughout Canada.

From our humble beginnings, NorthBridge has grown to a national consultation firm that has successfully filed approximately a quarter billion dollars in tax credits and grants for our clients.

Our ability to change and adapt has contributed towards the longevity of NorthBridge. The foresight to innovate ahead of the competition, and the ability to invest in our own employees to achieve business growth is what has allowed NorthBridge to succeed. The past, present and future of this company has always been about people, specifically relationships with employees, our clients, and our relationship partners.  Through leveraging our relationships, our investment in business innovation has allowed us to assist our clients with other business needs including but not limited to government funding, intellectual property, export assistance, technical and business writing, financing solutions, and process optimization.

At the time of its incorporation, NorthBridge foresaw the global direction of manufacturing and its dependence on research and development. Today, we continue look forward to the rapid adoption of technology in manufacturing and the future of manufacturing in Canada, especially in regards to automation and advanced manufacturing.

Whether you are an employee, a service provider, a relationship partner, or a client of ours, we would like to express our appreciation and recognition of your contributions towards our success!

Northbridge 25 E

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Elevate Toronto Tech Festival

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NorthBridge Consultants is excited to be attending the 3-day Elevate Toronto tech festival which will showcase the best in Canadian innovation.

Elevate Toronto is the city’s newest technology innovation festival and, this year, will focus on disruptive technologies that are expected to change the way we live and work.

With over 100 impressive keynote speakers and numerous opportunities for curated high-value networking, the festival will feature leaders in Artificial Intelligence, fintech & blockchain, and much more.

The festival is expected to draw over 5000 attendees including founders looking to scale up, investors searching for the next great start up, talent searching for the next big opportunity, and corporate innovators looking for professional development and networking.

Elevate Toronto is a non-profit organization, in partnership with the City of Toronto, and is led by TechToronto, MaRS, #movethedial, OneEleven, Cossette Communications and the Spotlight Awards.

The rapid speed of innovation and the development of disruptive technologies over the past few decades has radically transformed the way businesses, individuals, and machines operate and interact. Thus, disruptive technologies have deeply permeated global markets and industry applications. CEO and co-founder of Elevate Toronto, Razor Suleman, believes that “It’s our time” as “startups and corporate leaders are aligning with the government’s innovation agenda creating the perfect circumstances for accelerated growth.”

Festival Schedule:

September 12: Elevate Main Stage & Elevate Celebrate
September 13: Elevate Educate & King West Social
September 14: NewCo Toronto & Spotlight Awards; Timmy Awards

Get your Tickets today!

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