Eastern Ontario companies that are looking to undertake an expansion and development project should consider applying for the Eastern Ontario Development Fund (EODF). EODF will provide non-repayable funding of up to 15% of eligible project costs to a maximum of $1.5 million. This fund supports new investment in local regions, the creation of new jobs, and the promotion of innovation and collaboration.
The sectors eligible for EODF funding are advanced manufacturing, life sciences, processing (primary and secondary), tourism, information and communication technology, and cultural industries. The eligibility criteria stipulates that the company:
- Needs to have at least 10 employees
- Is looking to create 10 new jobs
- Will invest in a project of at least $500,000,
- Will invest in a project that extends over a two to four year period.
NorthBridge Consultants has experience with the EODF application process and will provide the necessary guidance to assist with an application. Our team of business analysts and technical writers can assist with eligibility requirements, project positioning, the preparation of the business plan, the preparation of financial projections, in-person meetings with government officials, and reporting requirements after application submission.
The goal of the Northern Ontario Development Program (NODP) is to assist manufacturers to realize operational efficiencies, to grow sales, and to boost productivity while fostering new job creation. The program will provide coverage up to 30% of capital costs and up to 50% of non-capital costs to businesses with fewer than 500 employees. Eligible costs include:
- Leasehold Improvements
- Machinery, equipment, technology
- Laboratory modifications, developmental needs
Non Capital Costs
- Professional and technical services (engineering/technology implementation)
- Securing intellectual property (patents/licensing)
- Marketing costs
Since its inception in 2006, FedNor has approved more than $263.50 million in support of 1,322 projects through NODP to benefit Northern Ontario’s economy. Contact NorthBridge today to find out more about NODP.
Growing Forward 2 (GF2) is a five year $417 million Ontario funding program that supports agriculture producers, processors, and companies in collaboration. The Project Implementation stream funds capital expenditures and implementation costs. Year One of the program is coming to a close and the deadline to submit applications under the Implementation stream is January 30, 2014. The Capacity Building stream, which covers pre-project planning and related expenses, is open on a continuous basis over the program timeline.
However, new intake periods have been added for Year Two of the program, which starts April 1, 2014. Agriculture companies that are starting an Implementation project this year and expect to incur expenses after April 1st can submit applications in any of the new intake periods. The new application period starts February 4, 2014 and ends May 1, 2014.
Excellence in Manufacturing Consortium, Canada’s largest manufacturing consortium, is hosting a Strategic Interest Group event on January the 23rd, 2014 (9am) at Russell Industries Corporation. Jeff Mitobe, from NorthBridge Consultants, will be providing general details about the SR&ED program as well as recent Canada Revenue Agency changes that have come into effect as of January 2014. NorthBridge will also be providing a general review of government funding programs that are applicable to manufacturing companies.
Date January 23, 2014
Russell Industries Corporation
20 Grote Street
St. Catherines, ON
It may come as no surprise that Canada now ranks 3rd worldwide in the video game industry according to the Entertainment Software Association of Canada. With game studios like Ubisoft producing blockbuster titles such as Assassin’s Creed 3, and a booming mobile gaming app industry in Toronto, Canada is well on its way to rise even higher on the worldwide chart in the coming years. Canada’s success in the video game industry can be attributed to a number of key factors such as:
- University-educated creative talent;
- Desirable cities to work in;
- Canada’s generous tax incentives to help studios get the funding they need.
The majority of game studios are located in Ontario, Quebec and British Columbia due to their well-established game developer communities, and partly due to the tax relief programs available in those provinces. Canada’s video game industry is at an exciting stage in its life cycle where it’s expected to continue to keep growing and create more jobs in Canada. Currently, the video game industry is providing $1.7 billion dollars in revenue and employs about 16,000 across Canada. At the same time, it seems like the industry is shifting some of its focus from console systems such as Microsoft’s Xbox 360 and Sony’s Playstation 3 to mobile gaming platforms like iOS and Android to accommodate those new areas for potential growth.
Ontario, in particular, has several lucrative funding programs designed to further encourage investment into the province including: the Ontario Interactive Digital Media Tax Credit (OIDMTC), the Ontario Computer Animation and Special Effects Tax Credit (OCASE), the Ontario Media Development Corporation’s (OMDC) Interactive Digital Media Fund, and the Scientific Research and Experimental Development program (SR&ED).
Government funding programs are critical to the success of the Canadian video game industry, because Canada is competing on the global stage with countries like France, Korea, Australia and the United States. It is important that Canada continues to support established game studios as well as start-ups through government funding incentives in order to make sure that we remain competitive in the global economy.