Posts Tagged ‘IRAP’

Historic Reform of Funding Programs: Budget 2018 Highlights

Federal Finance Minister Bill Morneau’s third budget, tabled on February 27th, 2018, forecasted a deficit of $18.1B for fiscal 2018, with deficits projected to decline gradually to $12.3B by 2022.

Budget 2018 confirmed the announcements made in the 2017 Fall Economic Statement to reduce the small business tax rate to 9% by January 2019. 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); however, Budget 2018 introduced a $50,000 threshold on passive income held in corporations. The small business deduction limit will be reduced by $5 for every $1 of investment income above the $50,000 threshold and will be reduced to zero at $150,000 of investment income, at which point the business owner will lose the Small Business tax rate and will be taxed at the general corporate rate.

Following a review of all innovation programs across 20 federal departments and agencies, Budget 2018 proposed a “historic reform of business innovation programs.” Overall funding will increase but the total number of business innovation programs will be streamlined by up to two thirds. The initiatives proposed in Budget 2018 include:

Research & Innovation

  • $700M over 5 years, starting in 2018, to enable the Industrial Research Assistance Program (IRAP) to support projects up to a new threshold of $100M.
  • The Strategic Innovation Fund (SIF) will move away from supporting smaller projects to allow for more focused support for projects over $10M.
  • The Build in Canada Innovation Program (BCIP) will be consolidated within Innovative Solutions Canada.
  • $85.3M over 5 years, starting in 2018, to support a new Intellectual Property (IP) Strategy aimed at helping entrepreneurs understand and protect their IP and get access to shared IP. Further details will be revealed in the coming months.
  • Five regional high-tech innovation superclusters were announced in February 2018 to receive $950M over 5 years in non-repayable funding.

Business Growth

Small business & Startups

  • $4.6M over 5 years, beginning in 2018, for Canada’s Start-up Visa Program, which provides permanent resident immigration status to innovative global entrepreneurs with business growth potential in Canada. As announced in July 2017, this program will be made permanent in March 31, 2018.
  • $115M over 5 years for the Women Entrepreneurship Strategy through regional development agencies.
  • $1.65B over 3 years for women entrepreneurs through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
  • Regional development agencies may take on more responsibilities for accelerator and incubator support such as the Canadian Accelerator and Incubator Program.
  • The Venture Capital Catalyst Initiative was launched this past year to increase the availability of late-stage venture capital to support the growth of innovative Canadian firms.

Export

  • The Canadian Trade Commissioner Service will amalgamate programs administered by Global Affairs Canada including CanExport, Going Global Innovation, Canadian Technology Accelerators, and Canadian International Innovation program.
  • $10M over 5 years, starting in 2018, to renew the Canadian Technology Accelerators Program for helping high growth tech companies grow in key U.S. markets.
  • $10M over 5 years, starting in 2018, to connect women with expanded export services and opportunities through the Business Women in International Trade Program.

Skills Development

  • Additional $448.5M over 5 years, starting in 2018, for the Youth Employment Strategy’s Canada Summer Jobs program to double the number of work placements and modernize the strategy in the following years.
  • $19.9M over 5 years, starting in 2018, to pilot an Apprenticeship Incentive Grant for Women, to provide a $3,000 grant for each of the first two years of training in Red Seal trades.
  • $46M over 5 years, starting in 2018, for a new Pre-apprenticeship program for underrepresented groups.

Victoria, BC Lunch & Learn- Government Funding for R&D, Innovation and International Growth

There are many Government Funding programs available to assist Canadian businesses with expenses related to R&D, new product development, manufacturing process improvements, tapping into international markets and workforce development.

Join this lunch & learn to learn about some of these programs, how they fit in the difference stages of your corporate development, and also about the limitations of government funding and the need for alternate sources of working capital.

Some of the funding programs covered include:

  • SR&ED (Scientific Research & Experimental Development)
  • IRAP (Industrial Research Assistance Program)
  • SIF (Strategic Innovation Fund)
  • SDTC (Sustainable Development Technology Canada)
  • Growing Forward / Agri-Innovation
  • BCIP (Build in Canada Innovation Program)
  • Engage, CRD, Mitacs (grants for working with universities)
  • CanExport
  • Hiring & Training Grants

About the presenter:

Jaap Siekman MSc, PEng, PMP
LinkedIn Profile
Jaap is the Regional Manager for NorthBridge Consultants. He educates start-ups and growing companies on Government Funding programs that support R&D and Innovation in Canada.

Jaap has ~28 years’ experience in Engineering, Manufacturing, Product Development and Management in a variety of industries.

NorthBridge is a national consultancy firm, with offices in BC, Ontario and Quebec.

 

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Abbotsford Lunch & Learn- Government Funding for R&D, Innovation and Growth

There are many Government Funding programs available to assist Canadian businesses with expenses related to R&D, new product development, manufacturing process improvements, tapping into international markets and workforce development.

Join this lunch & learn to learn about some of these programs and how they fit in the difference phases of your corporate development.

The presentation is geared towards industrial type businesses that design or make any type of proprietary product such as equipment, parts, food, materials, including software.

Some of the funding programs covered include:

  • SR&ED (Scientific Research & Experimental Development)
  • IRAP (Industrial Research Assistance Program)
  • SIF (Strategic Innovation Fund)
  • SDTC (Sustainable Development Technology Canada)
  • Growing Forward / Agri-Innovation
  • BCIP (Build in Canada Innovation Program)
  • Engage, CRD, Mitacs (grants for working with universities)
  • CanExport
  • Hiring & Training Grants for technical personnel

Fees/Admission:

Members: $10
Non Members: $15
Prices are subject to GST

Includes Lunch!

Location:

Sevenoaks Boardroom
2nd Floor, Sevenoaks Shopping Centre
32900 South Fraser Way
Abbotsford, BC

Date/Time Information:
Wednesday, January 24, 2018
11:45 AM – Registration & Lunch
12:15 PM – Presentation
1:00 PM – Adjourn

About the presenter:

Jaap Siekman MSc, PEng, PMP
Jaap is the Regional Manager for NorthBridge Consultants. He educated start-ups and growing companies on Government Funding programs that support R&D and Innovation in Canada.
NorthBridge is a national consultancy firm, with offices in BC, ON and QC.

Jaap has ~28 years’ experience in Engineering, Manufacturing, Product Development and Management in a variety of industries.

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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.

November 2 Toronto Seminar: The Government Can Be a Source of Non-Dilutive Financing for Your Startup

Don’t miss an opportunity to learn about how SR&ED tax credits, non-repayable grants and interest-free loans can give your early-stage company the edge it needs to finance growth.

If you need to extend your runway, consider doing so in a non-dilutive manner by taking advantage of government funding.

Join us for a free seminar on November 2, 2016 that will cover the following topics:

  • Scientific Research and Experimental Development (SR&ED) tax credits
  • Industrial Research Assistance Program (IRAP) funding
  • Ontario Centres of Excellence (OCE) funding
  • Federal Development Investing in Business Innovation (IBI) loans
  • Business Development Bank of Canada (BDC) support
  • Structuring your company to take advantage of Canadian funding opportunities

When:
November 2, 2016
5:00 – 5:15 p.m. : Registration
5:15 – 6:30 p.m. : Seminar with Q&A
6:30 – 7:15 p.m. : Networking and Refreshments

Where:
Aird & Berlis LLP
Brookfield Place, 181 Bay Street, Suite 1800 – Toronto (map)

Booking/ Registration:
Please RSVP online

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