The abundance of government funding available in Canada offers businesses the opportunity to obtain a competitive edge in today's global market. Despite the numerous benefits of procuring these government funds only 12% of Canadian businesses are actually taking advantage of these programs. Our mission is to encourage more businesses to optimize on these opportunities through simplifying the application process and providing the necessary insight and assistance required to successfully obtain these grants and tax credits.
Public funds are granted to businesses in pursuit of specific initiatives prioritized by the government. Grants are typically offered on a 1:1 cost-sharing basis. Essentially, every dollar invested by the government must be matched by the applicant. Budgets and program criteria change consistently from one fiscal year to the next. As such, awareness of these changes is quite the obstacle for any business in pursuit of public funding.
If a company has pursued specific initiatives over the course of a fiscal year, tax credits offer a reduction in tax liability for Canadian corporations. At your company's FYE, all approved tax credits will reduce the amount of taxes owed to the government by your business for the year in question.