March 12, 2013
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.
Finding ways to create innovative products that serve your industry is costly. Here are 11 ways to have some of your...