Small business, startups and Canadian Controlled Private Corporations looking for funding should know about Canadian Funding Programs, such as: CICP, SRED and IRAP. These are government-provided funding programs for Canadian business owners.

Canadian Funding Programs

Canadian Innovation Commercialization Program (CICP)

The Canadian Innovation Commercialization Program (CICP) is a significant initiative of the Government of Canada to assist companies, with pre-commercialized innovative products, to test and showcase their products to potential government users. The CICP is a $40 million program supporting the development of Small and Medium Enterprises (SME) in Canada.

If you are a Canadian business with an innovative technology that has not yet been sold commercially, keep watch at www.buyandsell.gc.ca/innovation for the precise timing of the next Call for Proposal and for details about how to submit a proposal.” Click here for the announcement of the Canadian Innovation Commercialization Program

To contact the Vancouver Office of Small and Medium Enterprises (OSME), Public Works and Government Services Canada send an e-mail to Sachin Sobhee or call Sachin Sobhee at 604-775-7022.

The CICP program is the latest addition to the suite of government programs intended to promote innovation and technological advancement in support of businesses in Canada.

Other programs include:

  • The Scientific  Research and Experimental Development  (SR&ED) tax refund program. A Canadian Controlled Private Corporation(CCPC) can earn an investment tax credit (ITC) of 35% up to the first $3 million of qualified expenditures for SR&ED carried out in Canada. This program provides cash refunds ($40,000 to $200,000 and more) and investment tax credits to businesses performing experimental development to achieve technological advancements in creating new materials, devices, products, or processes, or improving existing ones.

Click one of the following:

 

  • The NRC Industrial Research Assistance Program(IRAP) supports small and medium-sized enterprises in Canada to grow stronger, grow faster and grow bigger through innovation and technology. The program helps firms to develop technologies and successfully commercialize them in a global marketplace, by providing technical and business advisory services and financial assistance to the small and medium-sized enterprises. Click here to visit the NRC Industrial Research Assistance Program in British Columbia

These programs are not mutually exclusive. Participation in more than one program can certainly have an impact on the total benefit realized.  To maximize your benefit…

AG Tax LLP Can Help

If you have any tax-related queries or need assistance with tax planning or filing please contact AG Tax. Our tax professionals are highly-experienced with US and Canadian tax laws and can provide you the right guidance to handle your tax situation.

Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to US, Canadian, and other international tax laws. We can assist with:

  • Canadian Personal and Corporate tax returns
  • Cross Border Taxation and Business Planning
  • US Personal and Corporate Taxation
  • Disclosure of Foreign Assets and other information filings
  • Retirement planning
  • Estate Planning, Inheritance tax advice

To obtain a quote or to arrange for a consultation to discuss your tax related queries, please contact us at:

  • 416-238-5920 (Greater Toronto Area, ON)
  • 604-538-8735 (Greater Vancouver Area, BC)
  • 780-702-2732 (Greater Edmonton Area, AB)

 

Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.