8 Government Grants for Canadian Small Business Owners
As a small business owner in Canada, starting up or trying to expand your small business is tough work. It’s especially difficult if you’re lacking the funding to get you to the next level. Luckily, as a Canadian there are government grants for Canadian small business owners to take advantage of.
You know, government grants - the money the government gives you which you don’t have to pay back?
Well, there are hundreds of government funding programs available for Canadians to take advantage of. Just check out the Funding Database here to see them all.
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While there are hundreds of potential funding programs available, here are the top 8 government grants for Canadian small business owners to take advantage of.
The below list of the top 8 government grant programs for Canadian small businesses to take advantage of come from various sources, are all non repayable government grant programs, and are currently available.
Please note that while these programs are mainly geared toward the tech world and some may only apply to those in Ontario, keep in mind that hundreds of programs exist from various levels of the Canadian government and should be taken advantage of. Contact a CanadaStartups.org expert to get a better understanding of available funding programs for your small business.
Grants for Building Innovative Technology
Smart Start Grant Program
The Smart Start Grant program supports Ontario based startups that are looking for funds for product development. While there are multiple funding program deadlines throughout the year, the sooner you start the better. The program allows up to $70,000 in funding.
IRAP Grant Program
The IRAP grant, or Industrial Research Assistance Program, is a program for those looking for between $50,000 to $500,000 to support development. In order to qualify for this program you must have at least one full time employee.
SR&ED Grant Program
The Scientific Research and Experimental Development program is geared toward companies involved in research and development activities across Canada. This is a refundable tax credit program, meaning you would get the money after you paid the expenses, much like a tax refund. The application process is somewhat difficult but it is a very good source of funding if you are eligible.
Grants for Hiring Staff
IRAP Grant Program
This is the same grant program as mentioned above, as it covers a portion of the salary for an employee between the ages of 15 and 30 for a duration of 6 to 12 months.
The Co-operative Tax Credit
This program provides up to $3,000 in a refundable tax credit if you decide to hire a student who is currently enrolled in a co-operative education program at an Ontario university or college.
Talent Edge
The Talent Edge program provides a grant between $10,000 to $15,000 to businesses that are hiring recent graduates and conducting research and development related activities.
Training Your Staff
The Canada-Ontario Job Grant
This program supports businesses that want to train their employees. The grant provides up to $10,000 per eligible person for short term training expenses. Self training is not acceptable, and all training must be provided by an accredited institution.
Creating Digital Media
The Ontario Interactive Digital Media Tax Credit
This program provides a 35 to 40 percent refundable tax credit for businesses that are creating digital media or information products.
The above are the top 8 government grants for Canadian small business owners to take advantage of. If you are a small business owner looking to start or grow your business, be sure to use the Funding Calculator Tool to see which programs offered by the Canadian government you may be eligible for.