Canadian Government Opportunities for Small Businesses
There’s no doubt that small businesses are an integral part of Canada’s economic landscape. The government agrees and does their part to lend a hand. In this post, we will highlight some of the ways the government can help your business as well as where to look for these opportunities.
Government grants are a great place to get started. There’s no cost to your business and the applications can usually be completed within a matter of minutes online.
The Canada Job Grant
The Canada Job Grant was created to help business train new and existing employees. You can get up to $10,000 per employee to put towards training! It is open to all industries and businesses of all sizes.
Although each province has a slightly different application process, the applications can all be found online.
If you’re looking to expand your business across national borders, the CanExport Program is a perfect way to help fund some of your expenses. You could get up to $99,999 to reimburse up to 50% of eligible expenses such as travel, trade fairs and market research.
To find out if your business qualifies and to complete an application, look no further than the international.gc.ca website.
Province & Industry Specific Grants
There are countless, more industry specific grants available to Canadian businesses. To learn more about what grants are available to you, The Canada Business Network has put together an all-inclusive list.
Tax Refunds and Credits
Your business is likely eligible for several tax refunds and credits from the Canadian government, make sure you take full advantage of them.
Small Business Deduction
The Small Business Deduction is available for every privately owned Canadian small business. It reduces the amount of taxes your business must pay. It is calculated when you complete your T2 income tax return and depending on your income; you can be eligible for up to $500,000 in savings.
Speak to whoever handles the taxes for your business to ensure this tax credit is not being overlooked. Should you be the one responsible or wish to learn more, check out the program details.
Apprenticeship Job Creation Tax Credit
Don’t miss out on a less commonly used, but just as useful, credit called the Apprenticeship Job Creation Tax Credit. It is available to, you guessed it, businesses who hire apprentices. Should you qualify, 10% of your apprentice’s salary, up to $2,000, can be covered by the government.
To find out if your apprentice qualifies, or what your future hires will need to qualify, consult the official government page on the matter.
Province & Industry Specific Refunds & Credits
More so than with grants, every province has unique refunds and credits available. We recommend you sift through the full list to discover which opportunities you may be eligible for.
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