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Here’s a very brief gist of the Canadian government programs applicable to startups. You’re looking at either IRAP or SR&ED (aka SHRED), the former being a <$5
by eswat 12y ago
Here’s a very brief gist of the Canadian government programs applicable to startups.
You’re looking at either IRAP or SR&ED (aka SHRED), the former being a <$50k grant and the latter being tax credits. Because one is finite cash and the other being credits, there’s less competition with getting into SR&ED than IRAP. For both you need to be developing a tech-driven product in Canada that has the potential to drive growth and earn revenue, so side projects are a no go. IRAP is for new-ish projects while SR&ED can be for new or existing teams.
I’m not sure about SR&ED but to get IRAP funding you need to talk to a representative who will assess the project you’re pitching. Depending on the person you get they can be brutal with expectations, expecting a business model canvas, strategies for driving growth and revenue, clear details of why you need the $30k being offered, the technical aptitude of the team executing the idea, etc.
Hope my chicken scratch clears some things up. Getting both is not a quick process but shouldn’t take more than a couple months to go from contacting your CRA representative to getting the money.