While a date has not yet been set for the release of the Government’s 2020 Federal Budget, Fundingportal’s experts have started to work out what it may contain in terms of funding and how your business might benefit.
Without a doubt, the annual federal Budget is the single biggest indicator of funding trends for businesses, determining how much money will flow to each industry sector and region to support economic development objectives.
This year, the Budget is likely to focus on innovation, the environment, and job creation. Here’s a quick overview of what the Budget might include in terms of grants and tax credits:
- Intellectual Property. The House of Commons Standing Committee on Finance has previously recommended that the Government establish new financial incentives for businesses to develop, commercialize, and protect their IP. This could be done by creating an innovation tax credit on revenues derived from patented products and services, or by creating a federal grant program for first patents.
- Cleantech. The corporate tax rate may be reduced by 50% for companies developing and manufacturing zero-emission technology and products. The Government is also considering providing more support to companies that invest in clean technology in general.
- Job Creation. In its online survey leading up to Budget 2020, the Government asked citizens how it could help more Canadians get good jobs. The options the Government is considering implementing include: Investing in post-secondary education and training; increasing support for apprenticeships; Investing in public transit, housing, and green infrastructure; Supporting business growth through additional incentives, like grants and tax credits; and Continuing its support for R&D.
- Stay subscribed to Fundnews to learn when the Budget will be released.
- Look out for our special Budget 2020 article this spring.
- Call 1-855-850-FUND (3863) or email us at [email protected] to learn how you can get funding now.