Your federal, provincial and municipal governments collectively offer hundreds of millions of dollars in financial incentives to small businesses in the form of grants, subsidies, loan guarantees, tax deductions and tax credits. 

With a little research, you may find your business qualifies for one or more of these incentives.

Grants and contributions. These funds are intended for certain business activities, taking place in a very specific industry sector or involving a specific demographic group.

• For example, under the Canada Book Fund, you may qualify for a financial contribution if your business is in the business of producing, marketing and distributing books by Canadian authors.

Loan guarantees: The Canada Small Business Financing Program is a loan loss-sharing program between the federal government and private sector lenders that facilitates access to affordable asset-based financing to small and medium-sized businesses. The program provides access to loan financing of up to $500,000 for the establishment, expansion and improvement of small businesses. Financing is available up to $350,000 for leasehold improvements, equipment, and up to $500,000 for real property.  Visit your Scotiabank Small Business advisor for information on Canada Small Business Financing Program

Wage subsidies: You may be able to recoup part of your employee wage costs if the individuals you hire are eligible under the guidelines set by current government programs.
Tax refunds and credits: Speak to a qualified tax specialist about business expenses that may be eligible under the Scientific Research and Experimental Development Tax Incentive Program (SRED). Your business could be eligible for a tax refund or tax credit amounting to 35 percent.

For assistance, contact your local Enterprise Centre or search for help online through the Government of Canada’s main business portal at Canadabusiness.ca.

Has your business enjoyed any government grants, contributions or other incentives? Please share your experience in the comments section below.

By Roger Pierce