It’s Not Easy Getting Grants: A Guide to Finding Free Money in CanadaPosted by Jessica Oman
Grants are an appealing source of funding for a small business; they create an excellent source of cash, and it’s money that you don’t have to pay back. However, grant money isn’t widespread in Canada, and the best programs can be very competitive.
So how do you access grant funding? Start by checking out what government programs are available. There isn’t much in British Columbia; many incentives apply only to people starting businesses in Maritime or Northern Provinces, and many others are dedicated for agricultural or resource operations. Even when a cash grant isn’t available, there are many other ways to get funding for your business, and the Canadian Government offers several wage subsidy programs that might be a great fit for your company. For example, the Career Focus program provides incentive to hire youth who need full-time work experience. These programs can save you thousands of dollars very early on in your operations. Take a look at your options on the Canada Business Network.
Tax incentives are another great way to increase the cash in your business simply by preventing money from flowing away in tax payments and keeping it in your account. Some tax credits, like the Hiring Tax Credit and the Small Business Deduction, are calculated automatically when you file your corporate taxes.
Not all grant programs are open every year, and most have specific deadlines, so it’s important to plan out which incentives you’ll apply for, and when, and then incorporate this information into a business plan, as it can significantly impact your financial projections. As well, it’s important to plan for what you’ll do if you aren’t approved for the grant.
Have you ever received grant funding for your small business?