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The government budget for 2023-4 presents key information for anyone looking to grow their businesses in the upcoming year. In this year’s budget meeting, the Canadian government reaffirmed its commitment to fostering economic growth by offering a diverse range of funding programs in addition to already existing programs. These initiatives aim to fuel innovation, create jobs, promote sustainable practices, and drive the nation’s prosperity. Here are the funding opportunities available for the upcoming year and updates on existing programs:
With a growing concern on sustainability, the Budget 2023-4 focuses on creating funding opportunities to drive green initiatives. These programs encourage businesses to adopt sustainable practices, reduce their carbon footprint, and contribute to a greener future while enjoying financial support.
– A minimum of $20 billion to support the construction of significant clean electricity and clean growth infrastructure projects will be available.
– Budget 2023-4 allocates $500 million over ten years to foster the development and application of clean technologies across Canada.
– Additionally, up to $1.5 billion of the fund’s existing resources will be directed towards projects in sectors such as clean technologies, critical minerals, and industrial transformation.
Budget 2023 proposes $3.0 billion over 13 years through the Funding for Clean Energy Program, starting in 2023-24, to Natural Resources Canada for several initiatives, including:
– Smart Renewables and Electrification Pathways Program: Supports critical regional priorities and Indigenous-led projects.
– Smart Grid program: Supports innovation in the electricity grid.
– Investments in science-based activities to harness Canada’s offshore wind potential, especially off the East coasts.
– Clean Energy Investment Tax Credit: Budget 2023-4 introduces a 15% refundable tax credit for eligible investments in various clean energy systems.
– Clean Hydrogen Investment Tax Credit: A new tax credit will be introduced to support clean hydrogen projects. The credit will range from 15% to 40% of eligible project costs, with higher levels of support given to projects producing the cleanest hydrogen. Equipment needed for converting hydrogen into ammonia for transportation will also qualify for a 15% tax credit.
– Clean Technology Investment Tax Credit: The eligibility for the Clean Technology Investment Tax Credit will be expanded to include geothermal energy systems eligible for capital cost allowance Classes 43.1 and 43.2.
– Carbon Capture, Utilization, and Storage Investment Tax Credit: The eligibility for the tax credit could expand to include dual-use heat and/or power equipment and water use equipment. Tax support will be prorated based on the energy or material usage in the carbon capture, utilization, and storage process.
– Clean Technology Manufacturing Tax Credit: The proposed tax credit offers a refundable benefit of 30% of the investment cost for new machinery and equipment used in manufacturing or processing essential clean technologies, as well as extracting, processing, or recycling vital critical minerals.
With agriculture also being a great contributor to sustainability, Budget 2023-4 will also invest in this sector. These budgetary measures aim to strengthen the agriculture sector, and promote sustainable practices within Canada’s livestock industry.
– R&D: $333 million over 10 years to support Agriculture and Agri-Food Canada’s investments in research and development of new products based on solids non-fat (SNF). This funding will also aid in market development for SNF-based products and enhance processing capacity for these products.
– On-Farm Climate Action Fund: $34.1 million over three years to support the adoption of nitrogen management practices by Eastern Canadian farmers. This initiative aims to optimize fertilizer use and reduce the overall need for fertilizers, contributing to sustainable agricultural practices and climate action.
– The Sustainable Canadian Agricultural Partnership (Sustainable CAP) is a new $3.5 billion, 5-year agreement that seeks to strengthen the competitiveness, innovation, and resiliency of the agriculture, agri-food and agri-based products sector
Already benefiting from an existing program? Government-funded programs remain available to thrive in a competitive global economy.
– The government is carefully considering the Advisory Panel’s advice, with more detail to follow in the coming months on further efforts to modernize the application criteria.
– Government-funded programs remain available to foster economic growth across all regions of Canada
– These initiatives aim to stimulate local economies, attract investment, promote entrepreneurship, and enhance community infrastructure.
– Government-funded programs are available to empower Indigenous businesses and support economic development in Indigenous communities.
– Funding programs specifically designed for Indigenous entrepreneurs provide access to capital, mentorship, and business development resources.
– The Canadian government offers funding opportunities for skills development, training programs, and workforce support, ensuring businesses have access to a skilled workforce and employees can upskill or re-skill as needed.
– Funding programs are available to support businesses in creating accessible spaces, accommodating people with disabilities, and promoting diversity and inclusion in the workplace.
As a business owner or entrepreneur, seizing funding opportunities can significantly accelerate your growth trajectory. By leveraging the resources announced in the Federal Budget 2023-4, you can gain a competitive edge, expand your market reach, and contribute to Canada’s overall economic prosperity. If you’re eager to tap into the vast potential of Canadian funding programs, reserve your spot for a free consultation with our experts!
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