The Federal Economic Development Agency for Southern Ontario (FedDev) will no longer be accepting new applications for the Applied Research and Commercialization Initiative as all of its funding has been fully committed for this fiscal year.
Applied Research and Commercialization Initiative
For those who were unaware of the program, the Applied Research and Commercialization initiative provided non-repayable funding to support southernOntariopost-secondary institutions to undertake collaborative research and development projects small- and medium-sized businesses. The initiative provided up to $50,000 in Canadian government funding to the PSI per project with a collaborating SME, and will reimburse up to 100% of the PSIs total eligible costs, constituting two-thirds (66.67%) of total project costs.
Alternative Canadian Business Grants for R&D and Commercialization
The following is a list of active Canadian Government funding programs that still provide incentives for collaborative research and development projects:
- NSERC Engage: $25K grant to connect businesses to university researchers for new R&D partnerships that take place over 4-6 months.
- NSERC CRD Grant for R&D: 25-75% of eligible project expenses for extended research and development projects lasting up to 5 years.
- IRAP Accelerated Review Process: $50K grant for software implementation, productivity improvements, production design or marketing projects
Leverage R&D Projects with Research Tax Credits
Businesses are eligible to receive tax reductions or refunds for R&D expenditures through the following SR&ED tax credits:
- Ontario Innovation Tax Credit (OTIC): Refundable tax credit applicable for up to 10% of qualifying R&D expenditures.
- Ontario Research and Development Tax Credit (ORDTC): Non-refundable R&D tax credit applicable for up to 4.5% of the eligible SR&ED expenses.
- SR&ED Tax Incentive Program: Refundable/Non-refundable R&D credit applicable for up to $3M or 20-35% of qualifying expenditures.
Applying for Ontario Business Funding Grants
Businesses interested in receiving advice and support for applying and receiving Research and Development Funding for Small Business can begin by contacting one of our Canadian Government Funding Experts. Our readers can also follow our posts by subscribing to our Weekly Canadian Small Business Funding Newsletter or by following us on Google+, LinkedIn, and Twitter.