The Canadian Government is making a big push to boost the country’s innovation scene. They’re really throwing their weight behind Canadian businesses, especially in research and development (R&D). It’s clear they want Canada to be at the forefront of innovation.
Starting in January 2024, they’re shaking things up with the Scientific Research and Experimental Development (SR&ED) tax incentive program. This program is a big deal because it helps fund innovation in Canada. They’re planning to tweak SR&ED so it fits better with the country’s overall goals and really amps up support for Canadian businesses in R&D.
But that’s not all. They’re also giving the Business Development Bank of Canada (BDC) a bit of a makeover, based on a thorough review. The goal? To help BDC spread its wings across the country, supporting even more entrepreneurs and small businesses with commercial financing. They’re even thinking about boosting the risk appetite of BDC and Export Development Canada (EDC) to better serve Canadian businesses.
There’s also some exciting news for the National Research Council Industrial Research Assistance Program (NRC IRAP). They’re planning to morph it into the Canada Innovation Corporation (CIC) by 2026-2027. This move is designed to make sure small and medium-sized enterprises (SMEs) keep getting the support they need. In the meantime, NRC IRAP will keep doing its thing under the National Research Council, focusing on some bigger R&D projects.
All these changes show how serious the Canadian Government is about fostering a business environment where innovation can bloom. This isn’t just good for the businesses; it’s great for Canada’s economy and its standing in the global innovation race.