There are many different government funding programs available to Canadian companies. The Scientific Research and Experimental Development (SR&ED) program is $3 billion tax credit initiative that supports the R&D expenditures of Canadian companies. This program is very popular and well known, but there are several additional programs that are available to SR&ED recipients.
One of the main priorities for both federal and provincial government is job creation. There are several programs designed to support the hiring of youth and recent post-secondary graduates. The Youth Employment Fund (YEF) provides funding up to $6,800 for the hiring of a youth between 15 and 29 years of age. The ICTC Career Connect program provided up to $18,000 for the hiring of a recent post-secondary graduate in the ICT field. Depending on the position and the individual, these programs can support companies looking to hire new employees involved in R&D efforts. By applying to both the SR&ED program and hiring grants, companies can claim a significant portion of eligible employees’ salaries and optimize their return from multiple programs.
