Government Benefits for New Startups in Canada
Apr 12, 2021
Government Benefits for New Startups in Canada
Canadian Government now offers more than hundreds of Benefits for commencing New Startups in Canada.
In 2021, the Federal Government of Canada is going to invest $44.5 Million to help entrepreneurs and small businesses.
There are numerous benefits put forward via various types of grants and loans offered by the Canadian Government to help entrepreneurs to initiate their Startup plan into action.
For an Entrepreneur, The most inspiring thing while commencing a new startup is getting Funding for initiating their on-paper plan to on-ground action.
But, Getting initial funding via investors like :
- Angel Investors
- Venture Capitalist
Is quite a rigorous process and it takes a lot of exhaustion as this process makes you give up precious equity in your startup business.
Needless to say, that getting initial funding in Canada is not solely dependent upon Angel investors and venture capitalist, As Canadian Government offers various grants and loans for commencing new business in Canada and these benefits range from - getting initial funding, Tax benefits, Minimal Business/startup registration cost, Refundable Tax credits to cover-up research and development cost as well.
The issue in tracking down grants and benefits offered by the Canadian government is a bit tricky to find the best grant/benefits that fit according to your business and your needs and then apply for it. Most small business grants are awarded to help launch a startup or new business, generate jobs, and stimulate the economy.
The Government of Canada is vigilant in granting benefits to new entrepreneurs.
We have listed down all major benefits, grants, credits, and loans to help entrepreneurs like you to commence your dream startup business in Canada.
Innovation Assistance Program (IAP)
Innovation Assistance Program (IAP) is offered by the Federal government under Industrial Research Assistance Program (IRAP), IAP is for Small and Medium-scale Enterprises / Businesses pursuing Technology-Driven Innovation, IAP provides wage subsidies to eligible employers for up to 12 weeks.
On 6th November 2020: The Government of Canada has declared $155 Million for the Innovation Assistance Program (IAP)
Entrepreneurship and Business Development Fund (EBD) :
The EBD provides Financial Support / Funds to New Entrepreneurs with innovative/new ideas for Startups, Businesses, and Commercial Entities to expand their business in Canada. Entrepreneurship and Business Development (EBD) comes under the Northern Abroginical Economic Opportunities Program (NAEOP).
Scientific Research and Experimental Development (SR&ED) :
SR & ED is provided by The Federal government and this program is a government initiative towards encouraging Canadian Businesses to do Research and Development (R&D) in Canada.
Strategic Innovation Fund (SIF) :
The Strategic Innovation Fund is a Canadian government initiative to encourage entrepreneurs to come up with new innovations. This fund help newcomers with various process such as It simplifies application Process, faster application processing, provide assistance which is highly modified for every applicant and it is more result-driven, SIF is further divided into five streams and every stream has its objectives
Accessible Innovation Program (ATP) :
The Federal Government has started ATP to direct funds towards the development of new technology that is affordable as well as commercially viable, that will improve access to the digital community for people with disabilities to enhance their employability in Canada.
Innovative Solutions Canada Program (ISCP) :
If an Entrepreneur has a solution to a problem faced by the Canadian Government then you / your business startup can get up to $1,50,000 to develop a proof of the solution concept and then if it goes as per plan and gets government approval to develop further then he can get up to $1 Million to develop a prototype.
LearnSphere’s Export Market Access Program (EMAP) :
The Federal government wants to increase exports from Canada and to encourage it, they are funding businesses to cover up short term costs for projects relating to export strategy, export planning, and export marketing activities as well.
Canadian International Innovation Program (CIIP) :
The Federal government encourages businesses to work with foreign partners to bring innovation to Canada and in order to enhance this ideology, the government provides fund support to cover up to 50% of Research and Development (R&D) cost while working with foreign partners from India, China, Israel, South Korea, and Brazil.
Strategic Investments in Northern Economic Development (SINED) :
This program was started by the Federal Government to enhance the economic development in Northern territories and increase the economic participation of Northern people in the growth of Canada, which is administered by the Canadian Northern Economic Development Agency (CANNOR).
Going Global Innovation (GGI) :
Going Global Innovation program encourages the Innovators from Canadian Organisations to take active participation in taking their innovation global by partnering to establish collaborative Research and Development (R&D) agreement, in order to do that the government provides funding support to the Innovators.
Abrogonical Business Financing Program (ABFP) :
ABFP is an initiative to help businesses in the expansion of their business or startup by providing funds for various purposes which are: Marketing. Professional Business Advisory, Project Management, Business Development plan, and more. To fund these kinds of expansion projects the government will provide funds up to $1,00,000
Digital Information Grant Program (DIGP) :
This program is funded by the Ontario Provincial Government to help startups and small businesses to improve adoption in a better manner for various purposes of business enhancement which can be: to promote their business online, start online stores and sell online and even their back office process online. This program is in partnership with the BIA Association of Ontario.
Entrepreneurship Incubator Program (EIP) :
The recent graduates who want to create employment, create new products/concepts, This program offers support to entrepreneurs with innovative ideas. EIP is governed by the provincial government of Alberta which is a two-stream initiative funded over two years. This Program is also known as Alberta Entrepreneurship Incubator Program (AEIP).
Eastern Ontario Development Fund (EODP) :
EODP is designed for entrepreneurs who want to develop their idea into business reality, This program helps newcomers to encourage them towards innovation, collaboration, cluster development, job creation, and enhance private sector share in eastern Ontario, This program can grant funds up to $1.5 Million.
There are many other benefits given by the Canadian government for startups and small businesses. For more information and advice for your business, you can easily reach out to Canada Startup Co. to get assistance and advice from experienced professionals.
However, if you are looking for getting your business started with a strategic plan to get funding for commencing your startup in Canada you can easily contact Professional Startup Advisors in Canada.
Government grants are often complex with lots of processes and stages, and each grant will have its requirements and criteria for applying which make it a complicated process.
Do you want to avail Grant for your Startup? In a Seamless manner?
Drop a mail at info@canstartco.com
Why Choose Canada Startup Co.?
- Personalized Business plan assistance
- Experienced Finance Professionals
- In-Depth analysis and assessment
- Hand-holding support through every process
- Knowledgeable and Experienced Professionals are assigned.
We understand your problem, analyze your eligibility and requirements and Make your Startup Dream Come True!! in a hassle-free manner.
