Finance & Innovation Performance
The government of Canada offers more than 4,000 programs that, combined, provide over $25 billion dollars in support for businesses from both federal and provincial governments. These programs are offered in the form of grants, loans, and tax credits covering major areas of operation such as business development and expansion, capital investments, HR or training programs and innovation activities.
Specific to innovation, the federal government is injecting over $7 B to support R&D, and an additional $1.75 B is coming from provincial governments. SR&ED alone provides over $3.6B in federal incentives, with additional provincial support of over $1B, making it the most accessible and generous program. Yet, with the program constantly undergoing changes and CRA audit rates increasing, it can be difficult for companies to remain current when it comes to SR&ED requirements and best practices. The combination of SR&ED, provincial tax credits, grants, loans and procurement programs available can create confusion for businesses seeking to optimize their government funding potential. Although companies may understand the importance of creating a holistic government funding strategy, navigating the complex funding landscape without proper guidance can result in poor planning and missed opportunities.
This is where the development of a defined business strategy that encompasses government funding opportunities becomes critical to capitalizing on available programs. Conducting market studies and building marketing, business, and internationalization plans that factor in the potential for government funding can give you a head start over your competition. Creating a holistic business strategy will allow you to develop and fund projects that can accelerate the growth of your business while serving your ideal target market and working towards your company’s overall vision.
- I’m looking to grow my business, but I’m not sure how to factor government funding into my overall plans.
- I don’t want to leave money on the table, but with 4,000 programs available, which ones should I apply for?
- Program deadlines are constantly coming and going. My staff is busy with daily tasks and can’t keep up with knowing when we need to be applying for funding.
- With all the different types of indirect and direct funding available, there must be some programs that conflict. How do I know if I can apply for multiple programs concurrently?
- Once I am armed with a business strategy that includes government funding, how do I go about applying for the funds?
How Ayming Can Help
Ayming will help you build a holistic government funding strategic analysis and action plan that includes both indirect and direct funding options, allowing you to optimize available funding for both current and future projects. Ayming has been helping companies analyze their projects and match them against available funding for over 30 years. Our deep knowledge of funding programs, combined with our proprietary database, allows us to track program deadlines so you can plan for and benefit from available funding.
Ayming’s team will ensure that the government funding programs you are applying for do not conflict with each other, ensuring compliance with all regulations while maximizing available funding. Our experts are specialized in program requirements and eligibility, and possess a detailed understanding of how best to structure a government funding plan so that all available funding is explored and optimized.
Ayming can help transform your strategic analysis and action plan into concrete funding by assisting you throughout the application process for each program. In addition to mapping out a complete government funding strategy for your organization, Ayming’s team can also assist you with the application process. Our team of tax credit and direct funding experts know how to best document and position projects according to application requirements, and will help you submit your detailed applications in a timely manner.