Finding ways to create innovative products that serve your industry is costly. Here are 11 ways to have some of your Research and Development (R&D) costs covered.
- Canada Foundation for Innovation Funds. Get up to 40% of project costs on R&D infrastructure costs for work done in partnership with universities, colleges, research hospitals, and non-profit research institutions.
- Eastern Ontario Development Fund – Ontario
(EODF). 15% of project expenses, to a maximum of $1.5 million, for new technologies, new equipment, or employees’ skills training. For project investments of $10+ million that create 50+ jobs, funding maybe be available in the form of secured repayable loan, to a maximum of
$5 million in provincial support. There is a new Small Community Pilot based on a community’s population density. This provincial government initiative helps you drive your competitiveness and grow.
- Innovation Demonstration Fund. Contributions up to $2 million are given to help commercialize innovative technologies. These non-interest bearing repayable, or forgivable, loans help you take care of royalty agreements and equity participation.
- Innovation Financing (BDC): Get financing of up to $250,000 to help innovative businesses like you take advantage of new markets and new technologies.
- New Technology Tax Incentive (ONTTI) – Ontario: Immediately write-off 100% of the cost of qualifying intellectual properties (acquired in the course of an intellectual property transfer).
- Eastern Ontario Development Program – Federal (EODP). In order to promote socio-economic development in rural Eastern Ontario, The Government of Canada distributed $20-million amongst 15 Eastern Ontario Community Futures Development Corporations (CFDCs). The goal is to encourage a competitive and diversified regional economy, contributing to the successful development of business and job opportunities for sustainable, self-reliant communities.
- Innovation Tax Credit (OITC) – Ontario: A 10% refundable provincial tax credit, on R&D expenditure claims less than $200,000.
- Loyalist College: Colleges Ontario Network for Industry Innovation (CONII): Able to fund applied research activities, project funding for up to $30 000 can assist Innovation and Entrepreneurship (NIE) enterprises to build the success of their business.
Contact QEDC for more information on locating or investing in the Bay of Quinte Region.