Government Programs Advice
The most significant opportunity is the federal Scientific Research and Experimental Development tax credit program. This program provides entrepreneurs carrying out leading-edge work with the opportunity to recover almost two thirds of the cost of qualifying labour. Many entrepreneurs don’t believe they are eligible because they don’t think of their business as involved in “scientific” activities. However, the key words are “experimental development”, which can include a wide variety of processes and product development projects targeted at achieving complex work. We have had significant success obtaining this tax credit for a large number of clients in both the manufacturing and technology sectors.
Ontario also offers a wide range of assistance programs aimed at helping interactive digital media, film and other specific sectors. Most of these programs involve a process to gain approval of the project first and then apply for the grant. The benefits can be very significant.