Did you know Canada has several small business funding options for you? The options come as Canada business grants and loans. Canada business grants are applicable to all types of businesses in the country regardless of industry.

The Canadian government has several options for you to find funding for your business. Find the right Canada business grant for you! Whether you are starting a new business or looking for small business fundingto grow your business, there are Canada business grants for you.

Here are our top 5 programs you can apply for.

Canada business grant: CanExport for Businesses (SMEs)

The CanExport Canada business grant program can help you expand your business globally. It is designed for small and medium-sized enterprises to help your business with export marketing to create business opportunities.

Which activities can be funded?

  • Your small to medium enterprise can apply online for up to $75,000 that would cover 75% of your international market development expenses
  • Activities covered under the CanExport program are:
    • Market research participation in virtual trade events and fairs
    • Adaption and translation of marketing tools
    • Search engine optimization
    • Expert advice on legal, business and tax matters
    • Intellectual property protection, certification, and adaption of contracts

What is the eligibility criteria?

  • The following eligibility criteria must be met by your business:
    • Be a for profit business
    • Be an incorporated legal entity or a limited liability partnership
    • Have a CRA registered number
    • Have less than 500 full-time equivalent employees
    • Declare between $100,000 and $100 million in annual revenue in the last 12 months

How can you apply?

  • Applications can be submitted via the online platform here
  • Applicants can expect a decision within 60 days of completing an application

Canada business grant for Strategic Innovation Fund

This Canada business grants, and loans program offers financial support for projects that improve Canada’s innovation performance and grow your business. It covers four types of projects in four different streams:

  • Steam 1: R&D projects that accelerate technology transfer and commercialization of innovative products
  • Stream 2: projects that facilitate the growth and expansion of firms in Canada
  • Steam 3: projects that attract and retain large scale investments in Canada
  • Stream 4: projects that advance industrial research, development, and tech demonstration through collaboration between academic, non-profits and private sector

What can be funded?

  • Non-recurring costs that are related to specified project are eligible expenses including:
    • Direct labour
    • Overhead
    • Subcontractors and consultants
    • Direct materials and equipment
    • Other direct costs

Who is eligible?

  • Any company incorporated in Canada can apply for the Strategic Innovation Fund from Streams 1 to 3
  • For Stream 4, applicants must be a consortium led by a Canadian incorporated company

How can you apply?

  • Ask yourself these questions to help prepare for your Canada business grantSIF application:
    • Is my project innovation-based?
    • Does my project fall within one or more program streams?
    • Can I demonstrate that my technical and management teams can successfully actualize the project?
    • Can I clearly describe the anticipated innovation, economic and public benefits of my project?
  • If you are confident of your project after the questionnaire, you can find the Statement of Interest form here

 

Canada Job Grant (CJG)

The Canada Ontario Job Grant is a hiring and training Canada business grant program. ThisCanada business grant offers direct financial support for employers who wish to further train their employees. It is applicable to small, medium, and large businesses that want to deliver short-term training to new and existing employees.

Who is eligible?

  • Individual, private, and not-for-profit employers are eligible for this grant
  • This grant is applicable to employers wishing to train either all employees or even one or two individuals
  • Additionally, employers must also:
    • Make minimum cash contribution to training costs
    • Employ individuals selected for training
    • Be licensed to operate in Ontario
    • Be training the individual for a job that is also located in Ontario
    • Comply with Health and Safety Act
    • Have adequate third-party general liability insurance
    • Comply with all applicable federal and provincial human rights legislation

How much funding can you receive?

  • The Canada Ontario Job Grant supports training costs up to $10,000 per individual
  • Additional flexibility is available for small employers
  • Employers with less than 100 employees may be eligible for $15,000 per individual

What training does this grant cover?

  • Tuition or other training provider fees
  • Textbooks, software, and other materials
  • Mandatory student fees
  • Examination fees
  • Potential travel costs (up to $500 over 24 km)

How can you apply?

  • For training grants more than 25 individuals, applications must be submitted through an online portal
  • For training grants less than 25 individuals, applications can be submitted online to a COJG service provider

 

 

Scientific Research & Experimental Development Tax Credits

SR&ED Tax Credits are a form of Canada business grants and loans offered to businesses of all sizes participating in any form of scientific research and experimental development in their projects. This Canada business grant is awarded to businesses in the form of tax credits or cash refunds.

Who is eligible?

  • To qualify, the work including basic research, applied research and experimental development must be carried out within Canada
  • Basic research: carried out to advance scientific knowledge without a practical application in view, usually carried out in universities or research institutes
  • Applied research: this is similar to basic research but is done with a specific practical application in view
  • Experimental Development: work is carried out to achieve technological advancement and is also the most common SR&ED work

What can you claim?

  • Under SR&ED you can claim expenditures for the following:
    • Salary and wages
    • Materials
    • SR&ED Contracts
    • Overhead
    • Third-party payments
  • You can expect to receive a portion of your expenditures as credits ranging between 35% and 65% of your total cost

How can you apply?

  • You can apply for your SR&ED credits through your corporate taxes at the end of your fiscal year by completing Form 661

Contact us today at EVAMAX to find out how we can prepare your application for SR&ED and other business grants.

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