Did you know that the Canadian Government provides over $7B in innovation funding each year and is considered one of the most generous countries for funding research,innovation, and experimentation?
On February 3, 2015 we partnered with TEC Edmonton to discuss three generous innovation funding programs available to growth-oriented companies across Canada.
Here are some key points about each innovation funding program presented during our Lunch & Learn for growth-oriented companies:
Scientific Research & Experimental Development (SR&ED) is a federal and provincial tax credit for companies conducting R&D to advance technology. Canadian SME’s can recover up to 64% of the salaries associated with SR&ED eligible work. Companies must apply to claim SR&ED tax credits when they file their corporate tax return.
Mitacs is a national research network that helps companies overcome R&D challenges and drive innovation through collaborative internships at Canadian universities. They match $7.5K of industry investment to help you hire a Grad student or Post doc for a specified research project.
NRC IRAP offers a number of programs to fund industry innovation projects. The technology projects program in particular typically funds up to 80% of R&D personnel cost for a project to a max of 50% of total project costs. NRC also manages the Concierge Service which is an extremely useful portal for those organizations looking for innovation resources.