Businesses are buzzing following Finance Minister Jim Flaherty’s announcement of the 2014 Federal Budget on Tuesday. Among the Economic Action Plan 2014 hot topics revealed in the House of Commons, was the government’s continuing dedication to funding Research and Development in Canada. With a proposed 5-year, $1.6 billion of the budget dedicated to propelling Canada’s leadership in Science and Innovation on a global scale, businesses conducting R&D activities can expect new funding opportunities to achieve advances in innovation and step up competitiveness on the global stage.
Find out What the Federal Budget for 2014 has in store for SMEs in Terms of Federal Funding
The following 4 minute video outlines what will most likely become the most popular government funding programs for small businesses in 2014.
Investment to Fuel Canada’s Advances in Research and Development
The $1.6 billion support will yield a significant annual increase in research over 5 years, and will provide researchers with consistent, predictable funding for leading-edge projects, including research funded through core granting council programming. This R&D support will materialize in the form of new partnership opportunities, equipment, and investment in Canadian post-secondary institutions.
Canada First Research Excellence Fund
The Canada First Research Excellence Fund, announced in Tuesday’s Canadian Federal Budget 2014, will provide Canadian post-secondary research institutions with funding to leverage their key strengths and compete with the best in the world for talent and breakthrough discoveries. Canada First Research Excellence Fund will receive $50 million in 2015–16; $100 million in 2016–17; $150 million in 2017–18; and $200 million annually in 2018–19 onward.
Councils and Institutions in Science and Technology
Granting councils are also expected to receive up to $46 million annually on an ongoing basis to support advanced research and scientific discoveries, including the indirect costs of research. This money will be allocated among institutes such as:
- Canadian Institutes of Health Research (for the expansion of the Strategy for Patient-Oriented Research, the creation of the Canadian Consortium on Neuro-degeneration in Aging and other health research priorities)
- Natural Sciences and Engineering Research Council
- Social Sciences and Humanities Research Council
- Indirect Costs Program (program designed to assist universities, colleges, and their affiliated research hospitals and institutes in maintaining a world-class research environment)
Learn More about Why the 2014 Federal Budget Will Make This Year a Great Time to Start Accessing Government Money
Don’t let Canadian government grants and loans programs set aside to help your business grow pass you by in 2014. Sign up for Mentor Works’ small business grants and loans weekly e-newsletter, and book your seat for a Canadian government funding workshop or webinar now.