Canadian Business Grant Benefits

CME offers their members a wide array of benefits through the Industry Benefits Program. These benefits are intended to help businesses save money while promoting their company and accessing new business opportunities. Some of the advertised benefits include:

Travel Benefits

• Up to 60% of reduced rates on major hotel chains around the world.
• Savings on fuel and transportation costs.
• Discounts on car rentals.
• Airfare and train ticket savings with various providers.

Insurance Savings

• Up to 60% of savings in home and auto insurance.
• Savings of $200K in specialized insurance coverage.
• Access to exclusive employee benefits and pension programs.

Marketing & Public Relations

• Savings on customized website development and graphic design services.
• Discounts on mobile app design, analysis and media monitoring services.

Other Business Essentials

• Access to day-to-day banking and group savings solutions.
• Savings on lease or purchase of forklifts.
• Discounted rates of emergency labour services.

Limited time offer: Those who register before February 15^th, 2012 will receive $1200 in free advertising.

Details for Small Business Funding Grants

Those who are interested in opportunities for small business funding grants should contact Mentor Works, The Government Funding Experts for more details. Businesses who would like more information on the IBP membership details should start by contacting a CME representative. To keep up to date with other Canadian Government Funding Programs, please follow us on Twitter, or Linkedin and subscribe to our new E-newsletter located on the right-hand side of this page.

One of the Canadian government grants for IT financing is provided by the Business Development Bank of Canada (BDC).  Their new Small Business Financing Program for ICT expenditures will provide a short-term $50K loan with a 4-year repayment period at an interest rate of prime + 1% (currently 6%). The capital acquired from this loan can only be invested in ICT Consulting or Technologies. Unlike other BDC finance agreements, these conditions do not require a personal guarantee and have no additional fees on top of the interest rate and principle amount. This program would provide a perfect financing opportunity to get your IT project off the ground.

Proper Applications of Ontario Business Loans

One of the ways Canadian SMEs are choosing to apply their acquired capital is through the hiring of IT Consultants who would set out a professional IT plan and strategy.  The remainder of the funds could then be put towards the purchasing or upgrading of the necessary IT Software and Hardware required by the strategy. When applied correctly, these strategies could be used to improve a business’s process orders or forecast demand and manage inventory to meet the variable demand of their clientele. IT software can also be used to organize and increase the transparency of financial records for revenue agencies and upper management.  ICT strategies can be an extremely effective method to streamlining processes and modernizing communication and reporting techniques to increase the efficiency of a business.

Applying Grant Funding for Business

There are many other costs associated with IT strategies that would not be applicable to the ICT loan. Some of the major costs would include the training costs associated with the new software as well as the adaptation and customization of the software to improve its optimization of your business processes. Luckily, there are some Canadian business funding grants that would apply for these costs:

• IRAP – Digital Technology Adoption Pilot Program (DTAPP)
• Yves Landry Foundation – AIME Global for Training
• IRAP – Accelerated Review Process

Some of these Canadian Government grants will not be eligible for stacking with one another. However, companies who are considering a project involving an upgrade or acquisition of new IT software should determine which of these Canadian business grants would best fit their needs before they begin their applications.

Next Steps

Businesses who are interested in applying for this ICT Finance program should start by filling out the BDC Online Application Form. For more information on Canadian Government grants for IT projects or any other Canadian Government Funding Mechanism, please contact one of our Government Funding Experts or subscribe to our E-Newsletter located on the right-hand side of this page.

When: 7:30am – 9:30am 7 February, 2012

Where: The Markham Convergence Centre – Showcase Room – 7271 Warden Ave.

Background Information

Ontario’s Electricity Industry is currently passing through a major transition in regards to the regulation and provisions of their services to businesses and consumers. Ontario’s legislature passed the Green Energy Act in 2009 to attract new investments and establish Ontario as North America’s renewable energy leader. The Green Energy Act looks to promote green power generation and implement a functioning SmartGrid energy distribution system in Ontario. Many businesses have been given government funding for research and development to improve the smart technologies to make them even more efficient and user friendly. These initiatives have built on the past initiatives of the McGuinty government to eliminate coal-fired power generation in Ontario by 2014. This is one of the largest climate change initiatives that is currently taking place in Canada.

Register for this Event

The York Technology Alliance is currently accepting online registration for this event through their YTA Online Registration Page. The seminar will provide businesses with an opportunity to learn about Smart Technologies and participate in discussions on alternative methods and processes to improve energy efficiency.

Those who are interested in improving the efficiency or sustainability of their businesses should check out one of our articles on Ontario’s Government Funding for Sustainability. To keep up to date with industry events and Canadian Government Funding Programs, please follow our blog or subscribe to our weekly E-Newsletter which is located on the right side of this page.

Applying for Small Business Funding Grants

The MITACS Enterprise Program requires their applicants to operate in Southern Ontario and have an available position in one of the STEM disciplines. In order to be considered eligible, the applicant must pass through two phases of application submissions; (1) a preliminary application process and (2) a final application process. The applicant must indicate in these applications whether they already have someone in mind for the position or if they are currently looking for candidates. Businesses should be able to prove their ability to mentor their intern by teaching them valuable skills that they would be able to apply to other jobs in their area of expertise.  There is a 2-3 week waiting period for a Selection Committee to assess applications; however, businesses could begin their search for applicants right away and are encouraged to find a candidate before the application process. Please keep in mind that if you already have a candidate ready for funding, you cannot put them on payroll until you are accepted by MITACS. If you need to hire them immediately, putting them on contract until your application is accepted will ensure you retain your eligibility for MITACS Enterprise funding. The application deadline for this program is February 28, 2012, interested parties should begin their applications now.

Upon Receiving Approval for Government Business Funding

Once your business receives approval you will have to begin searching for an eligible applicant if you haven’t already found one. To find an intern, businesses can post their available position on the MITACS’ opportunities webpage. This page acts as a Job Board for positions in one of the STEM fields of study. To improve your pool of candidates, businesses might want to post their job opportunities on other Job Recruitment sites including the University of Waterloo’s Jobmine, as well as the University of Guelph’s Job Posting Site. Other private Job Posting Sites would also be an efficient Recruitment Resource to Strengthen your Workforce.

Payment Methods of MITACS Canadian Government Funding

The MITACS Enterprise Program will support up to $15,000 per graduate for a total of $30,000 maximum or 50% of the intern(s)’s salary. For those who are curious as to how they will be reimbursed for the salary of their intern(s), the payment schedule would go as follows:

• 2 Months of the Intern(s)’s salary would be paid to the business up front by MITACS ;
• 3 Months of salary contributions would be paid half way through the 6 month internship upon MITACS receiving the proof of payment ;
• The Final month’s salary contribution would be paid at the end upon submission of final report and proof of payment.

Other Government Funding Programs for Hiring

For those who are interested in this type of Government Grant but are not operating or searching for an intern one of the disciplines of STEM, please check out our blog that features the other Funding Programs for Hiring.

Mentor Works is a private organization that is dedicated to help businesses find government funding that would fit their needs for growth financing options. For more information on this application process or other government funding mechanisms, please contact Mentor Works, The Government Funding Experts. Businesses can also learn more about Canadian Government Funding Programs by following us on Twitter or signing up for one of our Free 60 Minute Government Funding Workshops.

Some of the more popular tax incentives include:

Ontario Innovation Tax Credit (OITC)

• Provincially Administered ;
• Applicable to Canadian Corporations, Private Proprietorships, and small businesses ;
• 10% refundable tax credit or up to $3 million of SR&ED expenses ;
• Expenses include 100% of Current Expenses and 40% of Capital Expenses ;
• Activities must be carried out in Ontario.

Ontario Business-Research Institute Tax Credit (OBRI)

• Provincially Administered ;
• 20% or up to $4 million refundable tax credit for SR&ED expenditures ;
• Applicable to Canadian Corporations, Private Proprietorships, and small businesses ;
• Research must be carried out with an Eligible Research Institute (A Canadian College or University) ;
• Stackable with the OITC program for a 30% tax credit ;
• Activities must be carried out in Ontario.

SR&ED Tax Incentive Program  (ITC)

• Federally Administered ;
• 20-35% or up to $3 Million of refundable/non-refundable SR&ED tax incentives ;
• Applicable to Canadian Corporations as well as Private Proprietorships ;
• Eligible Areas of Activity: Experimental Development, Applied Research, Basic Research, Support Work (engineering, design, operations research) ;
• Activities must be Carried out in Canada.

Ontario Research and Development Tax Credit (ORDTC)

• Provincially Administered ;
• 4.5% non-refundable tax credit on SR&ED expenditures ;
• Applicable to Canadian Corporations ;
• Unused credits can be applicable to income tax from previous years ;
• Activities must be carried out in Ontario.

Ontario Tax Exemption for Commercialization (OTEC)

• Provincially Administered ;
• 10 year tax exemption ;
• Applicable to Canadian Corporations ;
• Businesses must commercialize intellectual property that is developed by Canadian Post-Secondary Institutions.

Taking Advantage of SR&ED Government Funding Programs

Research and Development does not have to be a risky and costly process. Businesses are able to implement Government Funding for Research and Development along with Tax Incentives to relieve some of the burden. Those who are interested in the tax credits or government funding programs mentioned in today’s blog should contact one of our Government Funding Experts or go to the Canada Revenue Agency Website. If you are interested in learning more about Small Business Funding Programs, please sign up for one of our Free 60 Minute Government Funding Workshops or subscribe to our Blog.

Submission of Business Funding Grant Applications

The process to begin the submission work for the Yves Landry Program  requires the Ontario Small Business to fill out a preliminary application followed by a financial spreadsheet that outlines the details of the proposed project. Our services at Mentor Works provide writing assistance to complete the 2-Step process.

Are You Eligible for this Canadian Business Grant Opportunity?

The Yves Landry initiative, through FEDDEV, will support training initiatives of internal staff to foster innovation in new materials or process developments. The training will support the adaptation of new technology, new processes or procedures or any change within the company to support innovation.

The training can include the development of new engineering skills, training in the use of new equipment or other tools/software to support innovation, retraining to embrace new technologies, new manufacturing methods or any other business area that will make Ontario Manufacturing Companies more competitive in the global markets. All projects for consideration must lead to new global export opportunities or create new global markets.

If you have received federally supported AIME funding from the Yves Landry Foundation in the past three years, you are not eligible to participate in this new round of funding.

Other Small Business Funding Grants

If you were intrigued by the programs mentioned in today’s blog or any other Canadian Business Funding Mechanism, please contact one of our Government Funding Experts.  Businesses can also receive more information on Small Business Funding Grants by subscribing to Our Blog or attending one of our Free Government Funding Workshops.

Research and Development Funding for Businesses

The OBRI tax credit will apply to businesses that are looking to perform scientific research and experimental development into a new and innovative solution or product. The research and development must be conducted in Ontario alongside with an eligible research institute (ERI) that is not directly affiliated with the SME.  The preferred choice of research institute for the OBRI program would be one of Ontario’s post-secondary institutions. There are many different Canadian Business Funding Grants that cover some of the research and development expenses and promote post-secondary collaboration. Some of these Canadian Business Grants would include:

• NSERC Engage R&D
• OCE – Technical Problem Solving Fund
• College Ontario Network for Industry Innovation (CONII)
• Connect Canada
• OCE – Connections Program

These government funded collaboration programs could be compiled with the OBRI tax credits to reduce the financial investment of the company and provide Canadian Post-Secondary Institutions with the funding and workplace experience. Small Businesses who are conducting R&D can also claim other Ontario Tax Incentive Programs on top of the OMBI including the Ontario Innovation Tax Credit.

Eligibility for Ontario Business Grants and Tax Credits

The general determinant of eligibility for the OBRI program is the location of the research and development must be in Ontario and under a contract with a non-affiliated eligible research institute. The maximum credit issued will be $4 million which would apply to an annual budget expenditure of $20 million or more.  A detailed overview of the other eligibility factors is provided by our previous blog on the OBRI Tax Credit.

Next Steps

For those who are interested in conducting scientific research and experimental development project, please contact one of our Government Funding Experts for more information on the applicable Canadian Government Grants and Funding Mechanisms. Interested parties can also subscribe to our blog and join us on Linkedin.