Start 2024 with the Latest Trends in Grant Funding
As we step into 2024, Canadian businesses continue to navigate a complex landscape marked by high inflation, labor shortages, increased costs, rising interest rates, and ongoing COVID loan repayments. These challenges have significantly impacted the bottom line across various sectors and provinces. The past three years have seen a focus on supporting jobs, expanding small businesses, and advancing the green economy. Although these priorities are likely to persist, new major spending commitments may be limited due to the need to address the fiscal deficit. The Federal Government faces the challenge of managing inflation while avoiding a recession and working toward a balanced budget. With the 2024 Federal Budget approaching, here’s what you can expect:
Supporting Small Businesses: A Catalyst for Economic Growth
Many businesses are struggling under inflationary pressures, with Canada Emergency Business Account (CEBA) loan repayments adding to their burden. Given this situation, increasing business taxes is unlikely to be on the agenda, as it could hinder productivity and living standards. Instead, we might see higher taxes for large corporations and high-income individuals, while increased incentives for private sector investment and the Canadian Pension Plan could support small and medium-sized enterprises (SMEs).
Green Economy: Accelerating Towards a Greener Future
Canada remains committed to achieving net-zero emissions, and the upcoming budget is expected to bolster the clean economy. Look for:
- Innovation-Driven Grant Programs: Continued funding for programs like the Strategic Innovation Fund and the Low Carbon Economy Fund.
- Hiring Grants: Support for job creation in the clean energy sector.
- Capital Cost Grants: Investment in renewable energy infrastructure, zero-emission vehicle infrastructure, and incentives for transitioning to electric vehicles or retrofitting existing fleets.
- Related Industries: Potential financial support for critical mineral mining and natural resources.
Housing
With housing affordability being a pressing issue, the Federal Government plans to increase housing supply and accelerate construction. Expect:
- Additional Hiring Grants: For trades, as seen with recent grants for skilled trades apprentices.
- Continued Support for Green Construction: Funding for programs like GCWood, which promotes green construction for various types of buildings.
- Green Home Retrofits: Continued rebates and incentives for retrofitting homes to be more environmentally sustainable.
Intellectual Property Protection
Innovation is crucial for maintaining Canada’s global competitiveness. Intellectual property protection will likely be a key focus:
- ElevateIP Program: Continued funding to help businesses plan, manage, and leverage intellectual property.
- Export Initiatives: Potential renewed funding to assist SMEs in entering new international markets.
- SR&ED Tax Credit Review: Possible review of the criteria for the Scientific Research and Experimental Development (SR&ED) tax credit.
Newcomers to Canada
With a record number of immigrants arriving in recent years, there has been a rise in invitations for immigrants in sectors such as agriculture, transportation, trades, STEM, and healthcare. Anticipate:
- New Hiring and Upskilling Grants: To help integrate newcomers into these key occupations.
Be Part of the Trend!
To align your business with these emerging trends and secure essential funding, explore our Grant Calculator. This tool is designed to connect you with the most relevant grants for the fiscal year, tailored to your industry’s needs. Whether you are focusing on clean energy or safeguarding intellectual property, the Grant Calculator will help you identify valuable funding opportunities.
Start today and unlock new growth and development opportunities with our Grant Calculator!