Government Grants & Tax Credits
A Grant is a non-repayable financial aid given to a business or an individual. As part of one of The Canadian government's most general financial aid program, there are over 30 different types of government grants, and each grant offers different financial assistance. Let us guide you through which grant will help you the best.
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It is also in your business's best interest to seek tax credit's, which turn allow certain credits to offset a company's financial obligation to the federal government.
Some key elements are:
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The deduction of SR&ED expenses to reduce your taxes payable for the current or future tax years.
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An investment tax credit in the form of a cash refund or reduction in taxes payable, or both.
Tax credits may be claimed for four major types of expenses:
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Manufacturing and materials.
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Workers wages on SR & ED projects.
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Expertise hiring and subcontracting expenses
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Did you know that you could apply for a grant every year? Companies or individuals qualify for a new grant each and every year.
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