Posts Tagged ‘southwestern ontario’

NorthBridge Success Story: Ontario Manufacturer Leverages SR&ED Tax Credit to Invest in Product Development

NorthBridge engaged a manufacturer in Brant County that was looking to develop new products and processes for their manufacturing facility. In order to enter new markets and become more competitive, the company was looking to invest in research and development. They had looked into government funding programs but were unaware that they qualified and could be receiving government assistance for their projects. Our team was able to identify projects that qualified for the SR&ED tax credit. The SR&ED program can provide both refundable and non-refundable Investment Tax Credits (ITCs) for labour, materials, overhead, and subcontractor costs related to scientific research and experimental development (SR&ED).

Our NorthBridge team of engineers and technical writers worked with the company to prepare the claim and the project narratives for the R&D projects. As a result of our communication with the company and preparation of the SR&ED claim, the project expenditures were accepted as filed. The ITCs received will be invested in future development projects and will allow the company to stay competitive and reach new levels of success.

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SWODF Supports Expansion Projects in Southwestern Ontario

Southwestern Ontario companies that are looking to invest in an expansion project at their facility should consider the Southwestern Ontario Development Fund (SWODF). The focus of the program is to support job creation, innovation, and economic development in Southwestern Ontario. The SWODF will fund up to 15% of eligible project costs to a maximum of $1.5 million.

Companies that are operating in the following sectors are eligible for funding: advanced manufacturing, life sciences, processing (primary and secondary), tourism, information and communications technology, and cultural industries. In order to be eligible for the program companies must: employ at least 10 people, create at least 10 new jobs, spend at least $500,000 on the facility expansion, and provide a project timeline that extends over a two to four year period. If the company is looking to invest over $10 million in the project and create more than 50 new jobs, a loan of up to $5 million may be available.

NorthBridge Consultants has assisted companies in successfully obtaining SWODF funding. Our team is able to provide the necessary guidance in completing and submitting an application for this funding program. We can assist with the identification of funding opportunities, the completion of the application, the preparation of financial projections, and the required reporting after application submission.

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Start-Up Companies and Government Funding

Start-up companies are a popular topic of conversation these days, especially in Southwestern Ontario. There are many resources for these new companies including government funding and tax credit programs. It is critical that these companies are made aware of programs and services that can help them reach their business objectives.

The Scientific Research & Experimental Development program becomes available to start-up companies once they hire new employees and develop a payroll system. It is critical that new companies develop tracking systems for their R&D work in order to develop a strong SR&ED claim. First-time applicants are more likely to be audited by the Canada Revenue Agency so it is very important that supporting documentation is ready and organized.

Government funding programs become available to companies that can demonstrate revenue, reach 10-15 employees, and develop at least a two year track record of success. It is critical that companies understand the programs that may be applicable to their projects or initiatives on an on-going basis.

Our NorthBridge team of business analysts can help identify eligible projects for both SR&ED and grant funding programs. We also assist with the completion of application information, preparation of financial information, creation of business plans, and required reporting after application submission.

Investing in Business Growth and Productivity (IBGP)

Is your business ready to grow? Are you looking to improve the productivity of your company or diversify your current activities? If so, FedDev’s Investing in Business Growth and Prosperity (IBGP) program might be the right fit for you. The IBGP program is directed at Canadian small-and-medium-sized enterprises (SMEs) who have successfully established themselves in their field. Under the business growth program stream, these SMEs are eligible for up to 25% of eligible project costs to a maximum of $20 million per project. The initiative is meant to support economic vitality and create jobs across Southern Ontario.

Eligible candidates will:

  • Have at least 15 employee
  • Be located in Southern Ontario
  • Possess a sustainable business model and a profitable track record with the potential to become a strong global player.

Eligible Projects include (but are not limited to) the adaptation or adoption of new technologies or processes, facility improvement or expansion, market development/expansion, and market diversification. If your business is planning a project that aligns with these initiatives, we strongly encourage you to contact a member of the Northbridge team today to discuss your eligibility. Northbridge’s dedicated team of government funding experts can advise and assist you in the application process.

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