Ontario-based businesses can benefit from a number of government grant and tax incentive programs that drastically reduce the cost of performing research and development activities. Opportunities include:
Industrial Research Assistance Program (IRAP) offered through the National Research Council provides financial support to qualified small and medium-sized enterprises (less than 500 employees) in Canada to help them undertake technology innovation.
Scientific Research and Experimental Development (SR&ED) Program is a tax incentive program that encourages Canadian businesses to conduct research and development in Canada. Combined with various provincial R&D programs, this can reduce your after-tax cost of every $100 in R&D spending to between $37 and $61.
Additional tax credits available to innovative Ontario businesses include the Ontario Research and Development Tax Credit, the Ontario Innovation Tax Credit, the Ontario Business Research Institute Tax Credit and the Ontario Tax Exemption for Commercialization.
Ontario Centres of Excellence (OCE) Collaboration Voucher Program connects Ontario companies with the province’s world-leading research institutions for increased productivity and commercialization. Through its partners, OCE offers several funding streams for helping businesses improve productivity, adopt cutting-edge technology and harness the power of high-performance computing power.