While the federal budget of last week contained widely anticipated changes to the Scientific Research and Experimental Development (SR&ED) tax credit, it also contained many other aspects of funding and incentives to encourage innovation and commercialization:
- $400 million to help increase private sector investments in early-stage risk capital, and to support the creation of large-scale venture capital funds led by the private sector.
- $110 million per year to the National Research Council to double support to companies through the Industrial Research Assistance Program.
- Western Innovation Program
- $ 14 million over two years to double the Industrial Research and Development Internship (IRDI) program.
- $12 million per year to make the Business-Led Networks of Centres of Excellence program permanent.
- $500 million over five years, starting in 2014–15, to the Canada Foundation for Innovation to support advanced research infrastructure.
- $105 million over two years to support forestry innovation and market development.
- $95 million over three years, starting in 2013–14, and $40 million per year thereafter to make the Canadian Innovation Commercialization Program permanent and to add a military procurement component.
To read Terry’s full article about these changes, please click here.