As a Canadian business owner am I leaving money on the table?
The old adage, “leaving money on the table,” applies to many Canadian businesses that may not even be aware of the opportunities available to them. A recent survey revealed that 32% of small-to-medium-sized Canadian-owned businesses were unaware of potential government grants available to their organizations. Additionally, 42% knew these grants existed but didn’t know how to apply for them.
These grants represent free money provided by the Canadian government to qualifying businesses. They don't have to be repaid and can be used for various purposes, such as funding research and development or hiring and training employees. Government grants not only alleviate some of the financial burden associated with running a business but also help companies remain competitive by investing in innovation and growth.
The Surge in Federal Government Investment
In recent years, the federal government has increased investment in grants related to green initiatives, technology, and innovation. As of May 2023, there are 321 grants available through Innovation, Science and Economic Development Canada, with 122 grants specifically available to Alberta and British Columbia-based companies. To help you capitalize on these opportunities, we’ve highlighted a few grants worth exploring.
Technology-Focused Canadian Grants
These grants are vital as technology plays a significant role in modern business operations. They support businesses looking to incorporate technology into their processes, improve infrastructure, train employees on new software and hardware solutions, and expand their digital presence. These grants not only give businesses a competitive edge but also promote a more technologically advanced business environment.
Canada Digital Adoption Program: Provides up to $2,400 for e-commerce support and $15,000 for new technology implementation.
Industrial Research Assistance Program: This National Research Council of Canada program offers advice, connections, and funding to help Canadian businesses increase their innovation capacity and take ideas to market.
Strategic Innovation Fund: Available to all sectors, this fund supports business and innovation growth projects as well as collaborations and networks projects.
Employee and Business Growth-Focused Canadian Grants
These grants offer invaluable financial support for hiring and training new employees, investing in cutting-edge technology, and purchasing equipment.
Canada-Alberta Job Grant: Eligible organizations can receive up to $15,000 to cover training costs for hiring unemployed individuals or up to $10,000 to cover 67% of training costs for existing staff members.
Canada Summer Jobs: Organizations with fewer than 50 full-time employees can access wage subsidies to provide quality summer work experiences for young people aged 15-30.
CanExport: Provides up to $50,000 in grant funding to help small-to-medium-sized businesses expand globally and break into international markets.
Sustainability-Focused Canadian Grants
These grants provide funding for developing environmentally-friendly practices and products, promoting energy efficiency, and minimizing carbon footprints. Sustainability-focused grants also help companies enhance their reputation and build relationships with environmentally conscious customers, investors, and stakeholders.
Sustainable Development Technology Canada: Funds up to 40% of eligible projects, ranging from feasibility studies to data collection services to diagnostic and testing tools.
Proof of Concept Program: Supports projects that establish the feasibility of innovative natural products or technologies benefiting people, animals, and the planet.
Agricultural Climate Solutions: Part of the Natural Climate Solutions program, this funding supports the development and implementation of farming practices to tackle climate change.
Leveraging Professional Guidance
Is your organization interested in exploring eligible grant opportunities further? Your accountant can provide guidance and insight on the grants available to your business. They can also assist with preparing financial statements and other required forms to ensure your application is accurate and complete.
At WealthCo, we are committed to helping you unlock the potential of government grants to support your business growth and innovation. Contact us today to learn more about how we can assist you in navigating these opportunities.
The Integrated Advisory Network consists of progressive CPA firms, along with best-in-class professional advisors, service, and product specialists, who work together to deliver an elevated and holistic client experience. One that optimizes both their personal and professional lives with an integrated financial strategy designed to help clients reach their goals.