The Manitoba government has updated the Small Business Minimum Wage Adjustment Program online application to allow businesses to set customized pay periods when claiming eligible employee wage subsidies.
Government of Canada Announces Major Investment to Support Scientist, Researchers and Students
On November 16, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced more than $1 billion in funding to support scientists, researchers and students. This investment, made through a number of funding programs, will support researchers across Canada in different fields, disciplines and stages of their careers.
From upgrading research facilities to maintaining modern equipment, to supporting students and the establishment and renewal of Canada Research Chairs, this funding will ensure Canadian research continues to lead the world and push the boundaries of knowledge, while also supporting the next generation of young Canadians.
The announced funding includes:
- Canada Foundation for Innovation's (CFI) Bioscience Research Infrastructure Fund
- Social Sciences and Humanities Research Council's Insigh Development Grants
- Canada Research Chairs Program
- Research Support Fund
- Incremental Projects Grants
- Canadian Research Data Network
- Scholarships and fellowships recipients for the Canadian Institutes of Health Research
- Scholarships and fellowships recipients for the Natural Sciences and Engineering Research Council of Canada
- Scholarships and fellowships recipients for the Social lSciences and HUmanities Research Council
Read the full news release HERE.
The Scientific Research and Experimental Development (SR&ED) Tax Incentives
The Scientific Research and Experimental Development (SR&ED) tax incentives encourage businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada.
Depending on the size and type of business, SR&ED incentives are:
- a deduction against income
- an investment tax credit (ITC) that can be
Whatever eligible SR&ED work you are doing, you can use your pool of deductible SR&ED expenditures to reduce your net income for tax purposes in the current year or deduct them in a future year.
Your ITCs will be at least 15% and can be as much as 35% of your qualified SR&ED expenditures. You can use the ITCs to reduce your income tax payable for the year. If you have excess ITCs in the current year, you may also get a refund. If you have any unused ITCs, you can carry them back 3 years or forward 20 years and apply them against tax payable for other years.
Corporations, individuals, trusts and members of a partnership can use these Government of Canada incentives.
For more information:
If you want more information about SR&ED, you can attend an information seminar, contact SR&ED Outreach Program or contact us with any questions.
SR&ED information sessions
Attend virtual information seminars on a variety of topics to help businesses gain a deeper understanding of the SR&ED Program. Find out about upcoming SR&ED information sessions and webinars.
SR&ED Outreach Program
The Outreach Program is an initiative that seeks to promote and educate potential claimants about the SR&ED tax credit. Learn more about the SR&ED outreach program.
Innovation Growth Program
The IGP provides cost-sharing assistance to Small and Medium-Sized Enterprises (SMEs) to assist them in developing and commercializing new innovative products and processes. The IGP will support SMEs in the development and growth stages of the business life-cycle to reduce the risks associated with innovative product development, accelerate growth and strengthen their financial position so they can secure future funding to build their Manitoba-based business.
Under the IGP, firms may apply for a non-repayable grant of up to $100,000 per project to cost-share eligible expenses on a 50/50 basis. The IGP approves projects using a competitive process and quarterly intakes. Only the strongest applications that meet the objectives of the program will be considered for funding.
The objectives of the program are to:
- Commercialize innovative products or processes
- Leverage private sector investment in new product development
- Create economic growth
- Create jobs
- Grow exports
Who Can Apply?
Applicants must meet the eligibility criteria at the time of application for the IGP.
For-profit, taxable Canadian Controlled Private Corporations with a permanent establishment in Manitoba that pay at least 50% of total salaries and wages to Manitoba resident employees.
Annual revenue of $15 million or less, or fewer than 100 full time equivalent employees, including its affiliates on a consolidated basis.
Demonstrate owner investment of $25,000 in cash equity invested in the business prior to application. Cash equity is defined as common or preferred share capital and / or retained earnings.
Professional practices which are regulated by a governing body of the profession under an Act of the Legislature.
Business operations primarily earning passive income.
Crown corporations, municipalities, towns and cities, or organizations owned or controlled by one of those groups
IGP is intended to support business ventures that do not qualify for other forms of Government of Manitoba financial assistance. Depending on the nature of the project, companies that qualify for assistance through other Government of Manitoba financial assistance programs will be directed to apply under those programs first.
For more information: https://www.gov.mb.ca/jec/busdev/financial/igp/index.html
The Business Scale-up and Productivity (BSP) program is now accepting expression of interests (EOI) on an ongoing basis.
If you are a company in the Prairie Provinces looking to grow, the Business Scale-up and Productivity (BSP) program could be for you. BSP supports high-growth businesses that are scaling up and producing innovative goods, services, or technologies. It offers interest-free, repayable funding to incorporated Canadian companies.
The objectives of the program are to:
assist high-growth companies to scale-up and expand,
support technology demonstration and bringing new technologies to market,
encourage the early adoption or adaptation of leading-edge technologies and processes to improve productivity, and
increase businesses’ capacity to grow through market diversification and entry into global markets.
Your project proposal must support one of the following priorities:
- Clean technology
- Clean resources
- Digital technology
- Advanced manufacturing
- Value-added agriculture
For more information about the program and how to apply, please visit PrairiesCan’s BSP website or contact a regional office.
For Winnipeg, Manitoba region, please contact:
Toll Free: 1-888-338-9378
Email: wd.mb-mb.deo@ prairiescan.gc.ca
Mailing Address: MacDonald Building
4th Floor, 344 Edmonton St
Winnipeg MB R3B 2L4
Small Business Venture Capital Tax Credit
The Small Business Venture Capital Tax Credit (SBVCTC) provides a non-refundable Manitoba tax credit of up to 45% to individuals and corporations who acquire equity capital in eligible Manitoba enterprises. The program targets Manitoba companies that want to raise equity from higher net worth individuals, with a minimum investment of $10,000 per investor. Corporations must be pre-approved to issue shares and must demonstrate that they are:
- A Canadian Controlled Private Corporation (CCPC) with a permanent establishment in Manitoba;
- Assets are used in active business;
- Revenue generated from active business;
- At least $25,000 cash equity already invested;
- A small business with:
- Annual revenue less than $15 million; or
- Less than 100 full-time equivalent employees
- At least 25% of employees reside in Manitoba; and
- Not a Reporting Issuer.
Approved corporations have a $10 million lifetime limit on shares issued.
Investors can invest a maximum of $500,000 per company.
For more information, visit: https://www.gov.mb.ca/jec/busdev/financial/sbvctc/
Prairies Economic Development Canada
Do you have line of sight to the next growth opportunity for your company? If you’re ready to grow, we’re ready to talk.
Prairies Economic Development Canada offers interest-free, repayable growth capital to incorporated small and medium-sized companies who are looking to expand into new markets, increase their productivity and capitalize on changing market conditions.
Our Jobs and Growth Fund is designed to support inclusive job creation, enhance competitiveness and build resiliency as your business grows. The Business Scale-up and Productivity (BSP) Program is tailored to help companies accelerate their growth by supporting productivity innovation, scale-up activities and technology commercialization.
Apply today, or contact our Manitoba office (204-983-4472 or email@example.com) to discuss either of these opportunities.
Small Business Minimum Wage Adjustment Program
The Small Business Minimum Wage Adjustment Program provides support to small businesses to help offset the impact of the minimum wage increase on October 1, 2022 from $11.95 per hour to $13.50 per hour.
This support is available for six months from October 1, 2022 to March 31, 2023.
Who is Eligible
The program is open to all private sector, non-profit and charitable employers who are operating in the province of Manitoba and meet all of the following criteria:
Employers must possess an active and valid Business Number, business bank account, and e-mail address.
Employers must be registered, and in good standing with the Companies Office (not required for sole proprietors).
Have up to 20 employees that work and are located in Manitoba.
As of September 30, 2022, an employee was paid between $11.95 and $13.49 per hour.
As of October 1, 2022, the same employee is being paid $13.50 per hour.
Who is Not Eligible
Federal, provincial and local government employers.
Eligible employers can claim the wage subsidy of up to 50 cents per hour for each employee compensated at $13.50 per hour as of October 1, 2022.
Amount of subsidy is prorated and dependant on the employees hourly rate on September 30.
Subsidy is paid up to a maximum of 80 hours per employee per two-week pay period cycle. Overtime is not eligible.
Eligible employers will submit an online form after each two-week pay period cycle for each employee.
Employers will be required to provide pay advice to support their submission.
Submissions will be validated with supporting documents provided by the employer.
Once validated, eligible employers will receive the subsidy by direct deposit.
Support is available for six months - from October 1, 2022 to March 31, 2023.
How to Apply
Eligible employers will be required to:
Report eligible employees in a two-week pay period cycle, after each pay period cycle.
Provide the employees pay advice to support the submission.
Enter your information now using the online submission form.