The federal and Quebec budgets did not provide for any changes to the research and innovation tax measures, including the SR&ED credit, however, there are some noteworthy measures.
The federal government proposes an Innovation and Skills Plan with four components:
Skills: Help young Canadians to kick-start their careers, make training opportunities more accessible to working Canadians and improve access to global talent through accelerated processing times.
Research, technology and commercialization: Increase investment in innovation by business in six key areas (advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and clean resources); invest in a number of superclusters; increase the number of collaborations between industry, post-secondary institutions and research institutions; reinforce world class research in certain area;s and assist Canadian innovators in finding a first customer.
Program simplification: Review innovation programs provide a client-centred approach.
Investment and scale: Create a Strategic Innovation Fund to consolidate and simplify existing programs. Make available up to $400 million in venture capital over three years through the Business Development Bank of Canada. The government also wants to increase export growth and the number of high-growth companies.
In the coming months, we’ll see how these plans will be put into action.
Quebec announced investments of $830M to stimulate research and innovation:
An additional $115M will be injected into the Quebec Research Funds that provide bursaries to students and university research centres.
$115M to support the following research organizations:
- Génome Québec;
- National Optics Institute;
- Nine industrial research sectoral groups;
- Computer Research Institute of Montréal.
$190M to the Ministère de l’Économie, de la Science et de l’Innovation (MESI) to finance three areas:
- Support emerging innovators, and enhance the culture of science and innovation;
- Increase the ability to carry out world-class research;
- Accelerate the transfer and marketing of innovations.
$100M to create an artificial intelligence supercluster in Montréal.
$150M will be invested to promote development in the life sciences sector. The MESI will reveal the strategy in the spring of 2017.
$46M to stimulate innovation in the forestry sector and $22M for the maritime sector.
The most interesting development is likely the $125M investment to promote the development of the innovative manufacturing sector. The budget proposes ten solutions, including creation of a one-stop portal: the Enterprises Québec online portal. An “innovative manufacturer” title is being created and financial support will be provided to businesses.
The government plans to invest a few million to promote entrepreneurship, particularly with young people, and to fund growing businesses.
25 Apr 2017 | Written by :