The outbreak of the COVID-19 pandemic has led to the government having to make some tough decisions. They have had to classify all businesses nationally as essential and non-essential due to social distancing measures to help reduce the spread of the virus. Amongst this new set of classifications comes the medical cannabis production industry.

Canada has been a leader in the global cannabis market on both fronts; medicinal and commercial. Dating back to the early 2000s, when it first legalized the use of cannabis for medicinal purposes, Canada has been a ground breaker in the legalization of marijuana (https://www.leafly.ca/news/canada/history-cannabis-canada). The cannabis market in 2019 alone reached $7.2 billion in the country. With this significant contribution and projected growth over the coming years, the Canadian cannabis industry shows signs of great potential and importance to the nation’s GDP (https://www.prnewswire.com/news-releases/canada-cannabis-markets-report-2019-canada-is-fast-becoming-the-worlds-leading-market-with-revenues-expected-to-reach-7-2-billion-300815795.html).

Coming off such significant sales and production in the past year, the federal government has deemed the medicinal cannabis production as an ‘essential’ business amid the COVID 19 pandemic. Though this classification comes as a recommendation that is nonbinding and at each province’s discretion, it is required as all cannabis production, commercial and medicinal, is regulated by the federal government.

In the current situation Health Canada continues to study and monitor the challenges that these producers are currently facing. Cohesively, the country has 370,000 active medical cannabis registrations as well as another 30,000 personal or designated production registrations. Under this essential classification, most provinces are allowing cannabis businesses to remain functional and operational.

This classification as an ‘essential’ business came after multiple patient groups lobbied the federal government by signing petitions which had up to 2600 signatures. Cannabis Council of Canada CEO George Smitherman responded by agreeing and understand how critical medical cannabis is to national health care. He added that though this is an established service and industry, it remains a Startup sector and is equally vulnerable to disruptions during the COVID-19 pandemic.

He later stressed that this industry too, like other vulnerable sectors, should have equal access and support provided from government backed services. Canadians for Fair Access to Medical Marijuana VP Max Monahan-Ellison added that he is “thrilled to see the government take this step to ensure patient access to medical cannabis is maintained” signalling that their next focus will be to work towards the increased affordability challenges that the patients face.

The cannabis industry, like other tech and start-ups, requires assistance and support to be able to survive and thrive past this pandemic. It is essential for the government to help foster growth in these vulnerable sectors during this time. The government has been working diligently to release additional funding in installments for businesses as their needs are identified. Amongst wage subsidy programs such as CEWS, 10% Temporary Wage Subsidy, CEBA etc. there are some new programs to also support the innovation and start up sector such as the specialized COVID-19 IRAP program with calls to the government to create more.

It is innovation and creativity that led to the discovery of the medicinal use of cannabis. The same innovations over time have proved to make revolutionary medical discoveries to improve the lives of many, proving that R&D funding is the way forward. The Government of Canada, understanding how essential innovation is to evolution and technological advancements, facilitates research and development through its federal programs such as the Scientific Research and Experimental Development (SR&ED) program. This offers tax credits and occasionally refunds to all businesses within the country that participate in SR&ED eligible research. SR&ED eligibility is dependent on the nature of the projects involved. Claimants are permitted to file for tax credits for all expenses incurred during the project which in return contribute to Canada’s innovative pool.

EVAMAX works diligently to provide businesses the innovation and research and development funding they need through government provided services. Contact EVAMAX today for a no-obligation consultation to see if your projects qualify for funding.

Canadian businesses today are struggling to find means of survival during this COVID-19 crisis. There have been appeals from all industries such as aviation, energy, agriculture, small businesses etc. for additional assistance given the current circumstances. This appeal has attracted any Canadian venture with a payroll to meet for a business they have poured their heart and soul into, not to mention their funds, trying to help survive.

Within this, Canadian innovation hubs and start-ups are some of the worst hit businesses. Public investment in these start-ups, however, is also a provider of a high return relative to the prosperity of Canada’s economic future.

The fundamentals of operating a start-up do not allow for any back-up plans or safety nets. The projects that these businesses work towards come at an expensive price tag and raising funds is always a continuous effort. They are heavily reliant on innovation grants as a means of nurturing provided for by the government. Start-ups are also subject to foregoing profits in return for business growth. These practices allow no room for saving funds for a rainy day. In fact, under the best of economic conditions, start-ups still require incubators and funding. Therefore, given current circumstances, they are now in need more than ever. In addition to their granted innovation funding, they now require additional financial support but also require time in order to make decisions and shift their operations to maximize their potential.

All start-ups exist and persist through start-up company grants with the goal of becoming a large and profitable corporation in the future. This goal cannot be met without nurturing even after which only a few survive. It is now, in a moment of crisis, that their survival should be assured the most.

In the city of Toronto alone, 10,000 jobs were added in the tech sector fueled by a record $3.1 billion investment in venture capital. Compelled by an industry that pays 51% more than the average private sector job, across Canada, over 60,000 employees are joining the same industry on an annual basis.

With their projects and innovation, these individual start-ups then contribute their technology to advanced industries which rely on their efforts to improve their processes such as energy, health, manufacturing etc. Cohesively, these industries contribute to 17% of Canada’s GDP and 11% of employment. This significant portion of the Canadian economy is threatened without providing start-ups with the support they require.

Start-ups are in high gear to secure as many deals as possible to keep their operations running and as many people on payroll as they can. Support right now is more critical than ever. This is the same topic that was addressed by more than 600 tech chiefs when they wrote to the federal and provincial governments advising them on the best practices to protect this industry.

Together, they were able to create the following suggestions to encourage increased support from the government.

  • The first suggestion was to fast-track any procedures and processes carried out by federal governing agencies as an attempt to get cash moving as soon as possible. For start-ups that are deemed fit, it was also suggested that low-interest loans by offered with the possibility to defer payments.
  • As an additional step to maximizing the current amounts of funding available, programs should be expediting payments and work on abolishing “stacking limits” which prohibit ventures from combining their funding from multiple programs.
  • During this time, governments should also be working towards allowing qualified start-ups to defer their employee income taxes, corporate taxes and rents to provide maximum liquidity to start-ups with their current assets
  • It was also recommended for governments to prioritize producing goods and services from domestic companies first such as enterprise technology providers, infrastructure companies, manufacturing firms and health tech firms in addition to other industries.
  • Lastly, it was suggested that provinces retain their innovation tax credits such as the Ontario Innovation Tax Credit, the Alberta Innovation Tax Credit etc. while encouraging Ottawa to provide reimbursements through the federal SR&ED program.

EVAMAX specializes in providing qualified companies their innovation tax credits. Contact EVAMAX today to see if your start-up qualifies to increase funds available to your start-up!

It is the start-up companies that thrive in disruption to provide products and services that help get the rest of the economy get above the curve. It will once again, be the strongest of the start-ups that survive and provide solutions to this catastrophic pandemic. For the same, the government should look to protect the start-up industry now more than ever. Here are some of the efforts the government is ready to support for start-ups related to COVID-19. These are some of the contributions start-ups have already made to help fight this virus.

As the world shifts towards the increased use of technology in everyday life, technology seems to be constantly improving to provide users with only the best experiences. From Smart TVs to even more advanced smartphones, technology is constantly improving. With this evolution of technology, mobile gaming is also an industry that has come a long way from its origin. Dating back to the 1990s, Nokia users were able to play the simplest of games such as snakes on their devices. Thanks to emerging technologies however, users today have the option of downloading any mobile applications of their choice, specifically any mobile game.

The mobile gaming industry globally is currently in it’s prime. With almost everyone having some version of a smartphone and due to the ease of access of these games, mobile games are becoming increasingly popular. Games such as Fortnite by Epic Games and PUBG by TenCent rake in over millions of dollars a month.

Specifically, the Canadian mobile gaming industry has also been excelling under these conditions. Some of Canada’s most popular mobile game developers such as Relic Entertainment and Big Blue Bubble have also been able to generate similar profits.

The added variety of mobile gaming has been of significant influence on the gaming industry in the country bringing in revenues of an estimated USD$857M in 2020 with USD$317M from the mobile gaming sector alone.

With the increased usage of mobile gaming in Canada, there is potential in this industry. Additional users each day and their feedback has contributed to Canada achieving the 25th position globally in overall mobile gaming experience compared to the US which is at 35th. Being the top 25 pushes Canada to strive for improvement and rank even higher in the coming years. Relatively, there are several efforts working towards the same goal.

The most significant effort stems from the increasing market for esports. Games such as Counterstrike have over 19 squads competing for prize money worth several million dollars. Players have been known to generate a following by playing and streaming their games on platforms such as Twitch and YouTube like Canadian steamer Sonja Reid also known as OMGitsfirefoxx. The greater the reach of these streaming platforms, the greater the excitement and energy behind it and the more likely viewers are to turn to playing themselves. In Canada, developers can continually create content to provide mobile gamers with engaging and exciting material to keep driving the market. This is also profitable for the Canadian government as it looks forward to the gaming industry to continue making significant contributions to the national GDP over the years.

The entertainment software industry contributed $4.5B to Canada’s GDP in 2019 alone and employs over 48,000 people which includes 27,700 directly working with video game companies.(https://www.newswire.ca/news-releases/video-game-development-industry-contributes-4-5b-to-canada-s-economy-850704435.html). This GDP contribution made by the gaming industry is only going to increase as advancement in video game development takes place. This industry focuses on innovation and research in order to develop new emerging technologies and intellectual property. Through research and development, gaming has expanded to smart phones, tablets, motion sensor gaming consoles and even cloud-based gaming. This development involves physics simulation, artificial intelligence, graphics acceleration and several other features that need to be simulated to create the ultimate gaming experience.

With the advancements so far, the industry is looking forward to providing its users with potential 3-D gaming and revolutionary simulations in the coming generations of consoles.

This product development is extremely well supported by the federal government of Canada. Innovation and R&D have always been supportive of such efforts and are available to all businesses to maximize. Such projects are especially eligible for the Scientific Research and Experimental Development tax program which rewards R&D efforts and funds similar projects. Applicants can expect to receive a tax credit, or a cash refund based on the qualifying expenditures of their SRED project. Provincial governments also fund such efforts on different levels such as the Digital Media Tax Credits offered in Ontario etc. through other innovation grants for all industries.

EVAMAX specializes in working with businesses to help prepare their SR&ED applications. They also have expertise in other federal and provincial support available to businesses. Contact EVAMAX today to see if your project qualifies!

The Government of Canada has created a revised criterion for applicants of the Canada Emergency Wage Subsidy (CEWS) program. For eligible businesses affected by COVID-19, this subsidy works to cover 75% of employee wages for up to 12 weeks between the periods of March 15th, 2020 and June 6th, 2020.

When can businesses apply?

From April 27th businesses can begin applying for CEWS through their CRA My Business Account.Until this program becomes available on April 27th, businesses can ensure that their information is up to date in their CRA account.

To assist businesses, the government has provided a new online calculator to estimate the amount of subsidy they can expect to receive. In order to use this, an eligible employer will need their total number of eligible employees and their gross payroll.
An eligible employer includes individuals, taxable corporations, persons exempt from corporate tax, registered charities and partnerships that have experienced the revenue reduction mentioned below and have had a CRA payroll account as of March 15th, 2020.

To qualify for this subsidy, a business must demonstrate a minimum of 15% decline in revenue for the month of March and a minimum 30% decline for the months of April and May. This decline will be determined by a comparison of March, April, or May 2020 revenues to the same months in 2019 or by comparing them against January 2020 or February 2020 revenues. For this comparison, businesses can use either a cash or accrual method, however, the chosen method must stay consistent throughout the duration of the program.

The government expects to process 90% of applications by May 5th, after which direct deposits and cheques should follow. More information regarding CEWS and how to apply, please visit CRA’s website.

In times of crises such as the COVID-19 pandemic, businesses forced to shut down are affected the most by their loss in revenues. During this time, liquidity is key and tax advisors everywhere are working to leverage every government assistance possible to keep these businesses afloat.
These are some of the recommendations provided by tax advisors.

Firstly, no payments of any kind should be made to the CRA for any income tax or GST purposes as recommended by Dave Walsh a partner at BDO Canada.

As announced by the CRA, any taxes owed on March 18 or after, have now been deferred to Sept 1 with no interest or penalties. This allows businesses to defer their taxes until business resumes closer to normal standards providing businesses with the liquidity, they require the most right now. While deferring is an option, those businesses expecting a tax refund are welcome to file their taxes early to receive their refund.

With the option of loss carry backs, cash flow can also be increased with capital losses says Dino Infanti, a partner at KPMG Enterprise Tax in Vancouver.

An additional way of increasing cash flow is through the return of capital. The owner can receive the capital they have already invested in mutual funds for example as a means of increasing cash flow. By doing so, the business pushes out potentially larger capital gain into the future. By avoiding immediate tax implications, business cash flow can increase.

Next, if a business owner has excess funds and would like to save on taxes, they could consider splitting investment income with a family member in a lower tax bracket via prescribed loans and this could be particularly appealing given the current low rates mentioned Walsh.

While the new prescribed rate for Q2 has yet to be published by CRA, the current 2% could move lower as a result of the interest rate cuts by the central bank. At either rate, customers are going to have the chance to lock in at a good rate. Alongside this, it is also recommended that now is a great time for business owners to address passive income rules relative to passive investments in their corporations.

Due to the recent decrease in revenues and overall poor market performance, capital gains now may not be as large as they have been in the past and allow for business owners to reallocate their investments in more tax-efficient brackets.

Some other items for business owners to keep in mind are home office deductions that could affect 2020 tax returns if their organization is capable of accommodating for work from home. In order to deduct home office expenses, business owners must complete and sign form T2200 for the 2020 tax year for which it will be determined whether an employee is entitled to claim home office expenses.

Infanti also included that business owners should make sure that “the housekeeping matters are looked after” mentioning wills, healthcare agreements, powers of attorney and probate fee planning.

Federally, the government has put forth great effort in providing resources for businesses and individuals to access the money they need during this time of economic difficulty. Some of the provided programs are mentioned.

The Business Credit Availability Program (BCAP) is one program that is working to provide $65 billion of support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). This support comes in ways of direct lending and other forms in attempt to fill gaps in market access and leverage additional lending by private sector institutions. More information regarding the BCAP can be found here

The Canada Emergency Business Account or CEBA provides small business to take loans from financial institutions for amounts up to $40,000 and are interest free until Dec 31, 2022. An amount of up to $10,000 of these loans can be waived if the other $30,000 is repaid by Dec 31, 2022 after which the left-over amount then becomes a loan. Please contact your financial institution for additional information regarding CEBA and its availability.

Programs have been designed to ensure that for those businesses which require funds and are able to demonstrate their need, there are generous amounts readily available through various means.

Programs such as the Emergency Wage Subsidy for eligible employers as well as the Work Sharing Program allow employers to keep staff and especially skilled workers on their payroll.

Additionally, Walsh also recommended businesses to consider all means of tax claims “no matter how small the claim” to improve current cash flow. These means include filing a SR&ED claim to CRA regardless of the size of the claim.

Specifically, the Scientific Research and Experimental Development (SR&ED) tax credit program along with its tax incentives and could provide either a liquid tax refund or an investment tax credit that could also be refundable for private businesses. This research and development tax credit can be of benefit and of many uses for businesses given the current COVID-19 pandemic that requires additional R&D to help develop a solution.

EVAMAX specializes in preparing SR&ED claims for its clients along with applications for other grants and programs. Contact EVAMAX today to see if your business qualifies for a SR&ED refund.

start-up companyGiven the current global COVID-19 crisis, Canadian businesses of all scales have been significantly affected. From vast store shutdowns, to shifting all possible operations to work from home, to extensive layoffs, businesses nationwide are dealing with the consequences of this disease now more than ever. While larger corporations are finding it easier to keep afloat, smaller independent businesses specifically start-ups are struggling to make ends meet. A large portion of funding for these firms is typically generated from start-up company grants.  

The Canadian Venture Capital and Private Equity Association (CVCA) has addressed the same issue in an open letter to Canada’s Minister of Small Business, Mary Ng asking for increased support for the national start-up community. The organization, spanning over 2,090 individual and member organizations, shed light on the requirements of start-ups with high growth potentials and the innovation sector of Canada in general. They recommended that officials could provide additional support for this hard-hit cluster of businesses. The organization regularly works to bring its community members together to enable partnerships and increase knowledge sharing proving to be a resource for Canada on private capital investments.  

Within this letter, three main potential pathways for additional support were listed. It was suggested that those firms subject to a Scientific Research & Experimental Development tax credit or any CRA funded innovation grants, be paid out their claimed amount as a liquid refund in addition to SR&ED reviews being passed on altogether, speeding approval process. Potentially required audits could then be completed at a later date once the economy is operational close to regular standards. By by-passing audits and reviews, the CRA could offer SR&ED funding based on the firms’ prior year filling at no additional cost to the CRA. This action can then in effect offer immediate liquidity for businesses and start-ups who require it the most to keep their staff on their payroll, keep operational and avoid increased unemployment in the country. Included in this call to action, CVCA also requested an improvement in the wage subsidy currently offered to Canadians after Prime Minister Trudeau announced it to be increased to 75% on March 27, 2020.  

As a second step, CVCA suggested that the Business Development Bank of Canada (BDC) increase their contribution of injecting liquidity into the Canadian economy. In addition to the BDC’s current role in the government’s emergency loan program, they are being called upon for additional capital for investors and funds stating that those reliant on foreign investors have also been drastically impacted as the foreign investors have retreated given current circumstances.  

CVCA suggests that BDC award matching convertible note loans with no payment obligations for up to 36 months after which the note can be converted to equity at BDC’s discretion. They also requested for BDC to temporarily ease the criteria for qualifications of lending measures to allow for start-ups who wouldn’t typically qualify, to also have access to liquidity in these tough times.  

The CVCA urged the idea that current measures assume pre-existing relationships with financial institutions which are relationships most start-ups lack undermining their need for assistance. The letter pushes the government to take more inclusive actions that increase liquidity for all types of businesses and firms within our nation given how critical of a role private equity and venture capital have within the regular Canadian economy. All assistance measures should take into account the need to also address this now missing element amidst the COVID-19 crisis.

business loan Given the COVID-19 circumstances, the Government of Canada is working hard to release adequate amounts of funding to aid businesses in need of assistance during this time. The following are programs that may apply and are of interest to your business:

Canada Emergency Business Account (CEBA) Financing Program

Announced on March 27th, the Canada Emergency Business Account provides easy loans to small independent businesses to stay open and operational during this pandemic. The following is an outline of the program:

Loan Conditions:

  • Up to $40,000 to help towards operational costs that cannot be deferred
  • Interest-free, government-guaranteed
  • 25% of the loan ($10,000) is eligible for forgiveness if the other 75% ($30,000) is fully paid before December 31, 2022
  • If not repaid by December 31, 2022, the debt is then converted into a 3-year term loan with an interest rate of 5%

Eligibility:

To qualify for this loan, a business or NGO must have:

  • An operating company registered in Canada
  • 2019 annual payroll between $50,000 and $1 million

Application Process:

Although the application intake was to start on Apr 6 2020, most Financial institutions are still working towards gathering eligibility criteria and creating application processes through their online portals.

Please contact your primary financial institution for more information regarding CEBA.

Canada Emergency Wage Subsidy (CEWS) Program

The Canada Emergency Wage Subsidy (CEWS) aims to provide support to “enable employers to re-hire previously laid off, and to keep those who are already on payroll”. The subsidy is equivalent to 75% of “eligible remuneration” paid by “eligible employers” for up to three months from March 15, 2020 onward.

Subsidy Conditions:

  • Eligible employers qualify for remuneration including salary and wages paid to current payroll employees and new employees
  • This subsidy covers 75% of the amount of eligible remuneration actually paid, up to a maximum of $847 a week
  • Employers must provide supporting evidence that their monthly revenues have dropped by at least 30% in the month(s) of March, April or May 2020
  • They must continually do so for each eligibility period as follows:
Eligible Period
 Claiming periodReference period for eligibility
Period 1March 15 – April 11March 2020 over March 2019
Period 2April 12 – May 9April 2020 over April 2019
Period 3 May 10 – June 6May 2020 over May 2019

 

  • For eligible employers established after February 2019, eligibility would be determined by comparing monthly revenues to a reasonable benchmark.

Eligibility:

  • Eligible employers include individuals, taxable corporations, non-profit organizations and registered charities

Application Process:

  • This program is expected to start accepting applications in the upcoming weeks
  • Once made available, employers would have to apply through Canada Revenue Agency’s My Business Account portal
  • For this, employers would have to keep records demonstrating their reduction in arm’s-length revenues and remuneration paid to employees.

The 10% Temporary Wage Subsidy program remains unchanged with the addition of the CEWS program.

Applicants must adhere to eligibility requirements as in case of fraud, employers would be required to repay amounts granted under CEWS with additional penalties.

Please refer here for more information regarding CEWS from the Government of Canada.

Covid 19 research updatesOn March 18, 2020, the Government announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses. Additionally, $55 billion will be used through tax deferrals to help stabilize the economy.

For Businesses:

The Canada Revenue Agency (CRA) will allow all businesses to defer the payment of any income tax amounts that become owing on or after March 18, until after August 31, 2020. This income tax deferral includes tax balances and installments. There will be no interest or penalties accrued on these amounts during this period.

As per our communication with the CRA, we have the following information –

Filing date for current tax year for Corporate filings have been extended to June 1, 2020 which applies to corporations that would otherwise have a filing due date after March 18th and before June 1st, 2020.
All other Corporate Tax & SR&ED Filing deadlines remain unchanged.

Any In person SR&ED Audits or Corporate Tax Audits scheduled for the month of March & April will be rescheduled and the respective reviewers will be contacting clients directly for rescheduling. Some communication delays expected. CRA will generally not contact SMEs to initiate any post assessment GST/HST or Income Tax Audits for next 4 weeks. All other audits are suspended until further notice.

The CRA offices remain open as of now with limited staff. Processing returns is essential, so there are groups still processing and the claims processing department will always be working. Any claims submitted so far or that will be submitted in future will be processed. Refunds will be processed, but delays can be expected.

At EVAMAX, our team is fully functional remotely to ensure all SR&ED Claims filing deadlines are met or expedited to avoid further delays in processing expected at CRA.

We understand that everyone is dealing with the effects of COVID-19 pandemic and we are here to assist & avoid any delays in receiving these tax incentives.

More information and updates from the Government can be found at the following link:
Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

Alberta is leading the Cannabis Sector

With regards to the recent legalization of cannabis in Canada, people nationwide are now looking to establish themselves in the booming industry. Legal cannabis sales in Canada were over $1.5 billion in 2018 despite only being legalized in mid-October. If these trends continue in this direction, EVAMAX believes we will see the cannabis sector among some of the largest global industries in the future.

In comparison with other provinces, Alberta has successfully adapted and transitioned into the cannabis sector. Alberta finds itself ahead of the industry’s learning curve and sits atop of cannabis sales with respects to other provinces.

According to reports from BDS Analytics, Alberta contributed to approximately 38% of legal cannabis sales in 2018 despite having less than 12% of the Canadian population.

The per-capita legal cannabis sales in Alberta trump all other provinces by a large margin, even Ontario who has three times the population of Alberta yet still had lower cannabis revenues. As a matter of fact, the Alberta Gaming Liquor Cannabis (AGLC) placed a moratorium on licensed cannabis retailers due to a shortage of cannabis. Retailers were met with a high demand following legalization, forcing the AGLC to restrict the number of retailers to ensure everyone has a product to sell.

Related: SR&ED Funding: What are the Eligible Projects for the Cannabis Sector

For those on the outside looking in, there may be confusion regarding how Canada’s 4th largest province is raking in the highest sales. One contributing factor is the fact that Alberta has significantly more licensed retailers than any other province.

Alberta has 75 licensed retailers which, up until April 2019, was 3 times more than Newfoundland, the province with the 2nd highest number of licensed retailers. The moratorium has backlogged over 600 applications from different retailers waiting to make their mark in the cannabis industry.

Related: Alberta Innovates – Product Demonstration Program

When looking at the big picture, many believed that Alberta would be atop of the industry shortly after legalization and would continue to be in the coming years. The main reason for this was the significantly high number of medical cannabis users in Alberta, 2.5%, compared to other provinces who are hovering around approximately 1%.

Alberta has evidently always had a high demand for cannabis, even when it was not fully regulated and legal in Canada.  Stats show that approximately 60% of Albertans consume or lean towards consuming cannabis, which is higher than the national average.

Although Alberta is seen as an industry leader in Canada, many believe it has the potential to become an industry leader on a global scale as well. In these types of situations, EVAMAX has been assisting companies in growing their business through innovation funding and tax incentives/refunds.

With many large and established retailers already operating in the province, industry experts believe this will attract not only Canadian but also international companies. Their efforts have been recognized across the country with other provinces now seeking help from the nation’s leader of the cannabis industry.

Related: Industrial Research Assistance Program (IRAP)

Albertan companies, like High Tide Inc., are now advising cannabis companies in other provinces, such as Ontario, on regulatory issues including training and inventory. Even the AGLC is being sought out to advise other provinces in areas such as staff training. This shows the admiration of other provinces regarding the way Alberta has entered and expanded into the cannabis industry.

Considering the abundance of uncharted boundaries to be explored, there is uncertainty revolving around whether Alberta can keep its competitive edge over the other provinces. Regardless of what may happen, Alberta has proven to be an industry leader based on their balance of understanding both consumer and government needs.

Alberta has thrived ever since Canada’s legalization, with $200+ million spent on cannabis last year and an expected $1 billion annual sales (approximately) in 2024. The cannabis sector, in Canada especially, presents a unique opportunity as it is still maturing with numerous unknowns and uncertainties to be tested.

For those seeking technological advancement, innovation, and growth, EVAMAX can identify and process your potential claims for SR&ED and all other applicable grants, successfully. Contact us today for a no-obligation consultation.

 

 

EVAMAX and Edmonton Research Park

Join us for a Presentation on…

Fund your Business through

Grants & Incentives!

AGENDA:

  • What grants & incentives is your business eligible for?
  • Grants for Innovation (including SR&ED), Hiring, Training, Clean & Green Tech, Exports, Capacity expansion, Digital Media
  • How much funding is available?
  • What are the qualifications?
  • Q&A on commonly used programs like SR&ED for new or experienced applicants
  • Lunch will be served

EVAMAX and Edmonton Research Park

When
Wednesday, February 13, 2019, from 11:00 AM to 1:00 PM MST

Where
ATC – Edmonton Research Park
203 Advanced Technology Centre 9650 20 Avenue
Edmonton, AB T6N 1G1

Contact
Sophia
EVAMAX GROUP
1-(780) 462-8417
info@evamax.com

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