Canada: Funding and incentives for businesses included in federal budget

New funding for programs to support Canada’s economy

New funding for programs to support Canada’s economy

Businesses in Canada may be eligible for government funding and incentive programs introduced by the 2022 federal budget.

The budget, announced on 7 April 2022, proposed new funding for programs to support Canada’s economy, including:

  • The Strategic Innovation Fund—Manufacturers and processors including recycling operations in the mineral industry may be eligible for programs under the Strategic Innovation Fund. The budget provides $1 billion* in funding over the next six years through the Strategic Innovation Fund to prioritize critical minerals and support the growth of the solar panel industry.
  • Atlantic Canada Opportunities Agency—Businesses, including cooperatives, in the potato industry and corresponding supply chain may benefit from a budget announcement of $16 million in new funding over two years to Atlantic Canada Opportunities Agency. This funding will be delivered to the sector through the Jobs and Growth Fund.
  • The CanExport Program—Canadian businesses looking to secure intellectual property in foreign markets may qualify for funding under Global Affairs Canada’s CanExport Program. The budget earmarked $35 million for this program over the next five years.

*$=Canadian dollar

The government also announced additional targeted support across many different industries, including:

  • Innovation programs
  • Agriculture industry programs
  • Environmental sustainability programs and tax credits
  • Employment programs
  • Indigenous community and business programs
  • Other programs

Read an April 2022 report [PDF 225 KB] prepared by the KPMG member firm in Canada

 

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