The Life Sciences-Biotech industry is one of the fastest-growing industries in Canada. With lots of room for experimentation and advancement, it is also a large contributor to innovation in Canada. Our nation’s network of resources, ranging from hospitals and universities to laboratories and bio-health companies, is a world leader with respects to the bio-economy.
Listed below are a handful of the potential grants and funding opportunities available to those seeking financing in the Life Sciences-Biotech industry, according to Biotechnology Focus.
They are separated into three different categories of grants: 1) R&D, innovation and product development, 2) hiring and training, and 3) exports or access foreign markets.
If you or your company is partaking in innovative activities or projects seeking technological advancement, consult with EVAMAX today to discover the potential financing your company is eligible for.
R&D, Innovation and Product Development
Scientific Research and Experimental Development (SR&ED) Tax Incentives
Over the past 10 years, the SR&ED program has been one of the biggest, if not the biggest, tax credit program ranging from $2.5 billion – $4.5 billion annually. On average, the SR&ED program has received claims from approx. 20,000-30,000 businesses each year.
This program is intriguing for many eligible candidates as there is no program budget and is delivered through the corporate tax system. Depending on the type of business, companies are eligible for tax credits equal to a specific percentage of eligible SR&ED expenditures in addition to provincial tax credits in most Canadian provinces. Read more about SRED
- SRED Review Process and Supporting Documentation
- Provincial and Territorial Research & Development (R&D) Tax Credits
- SRED Case Studies
Industrial Research Assistance Program (IRAP)
IRAP follows similar guidelines and criteria for the SR&ED program when funding R&D projects. Typically, IRAP will cover 50% of eligible expenses, such as salaries, contractor costs, specific material costs, and overhead fees.
Despite a large budget of over $200 million, majority of the funds are committed early within the first six months of the fiscal year starting April 1st. Read more about IRAP
Hiring and Training
Canada-Ontario Job Grant (COJG)
There are several grants available pertaining to the hiring and training of employees in Canada. The COJG provides employers the funds to invest in their workforce through external training. This may include sales, technical, administration, or other training that increases an employee’s skill set and ability.
For successful applicants, the COJG provides employers with 67% of the external training costs with a cap of $10,000 per participant. This grant can prove to be very helpful for employers looking to either save time or train their employees with specialized skills they do not have expertise in. Read more about COJG
IRAP YEP (Youth Employment Program)
The IRAP YEP is geared towards providing post-secondary graduates with the opportunity to work. Essentially, the program covers the salary expenses incurred by hiring a new employee.
The graduate’s position is required to be R&D related or impactful on the environment as well as take place within a three to six months range. The program will cover 50% of salaries with a cap of $15,000 for any newly hired graduate under the age of 30.
Export or Access Foreign Markets
In addition to hiring/training as well as R&D funding, Canada is also home to several export and foreign market grants. CanExport provides the funding needed by companies to expand into a new market outside of Canada.
This market must be a country in which you had no previous sales in for two years and covers costs such as travel, market research, legal fees, and more. The program covers 50% of the market costs capped at $10,000 for each applicant.
(Note: We are no longer accepting applications to the export market access and export manager programs as both programs are now closed.)
Listed above are just a sample of the hundreds of grants available to Canadians amongst a wide variety of industries.
For more information regarding which grants your company is eligible for, contact EVAMAX to assist you in identifying and acquiring the funding you are entitled to.