Show me the (free) money
Second in a 5-part series about where to get free startup help
Roger Pierce, Special to QMI Agency
There are thousands of programs in Canada ready to give you money to start your business.
There’s money to publish a book, buy farm equipment or teach science to kids. There’s money to pay your hydro bill, export your product, hire employees or register a patent.
There’s also support for Aboriginal peoples, immigrants, youth, women, persons with disabilities and folks starting businesses in rural areas. Search for a funding program on the Government of Canada’s main business portal at www.canadabusiness.ca. Here are two of my favourites:
The Self-employment Assistance Program supplies a small income, training and support while you start your business. If you are unemployed, eligible for Employment Insurance (EI) benefits, meet certain criteria and would like to start your own business, you could qualify for the program. Conditions vary by province.
Go to www.canadabusiness.ca and click on “Government grants, loans and financing” and check "Start or buy a business.’ (Bonus – this search will also generate information on dozens of other funding sources.)
The Scientific Research and Experimental Development – Tax Incentive Program can save you big bucks.
If your business conducts an eligible form of research and development in Canada (an accountant can best explain which activities qualify) you may be eligible for a tax refund or tax credit of up to 35%. You can apply for tax credits for expenses you’ll pay anyway, like wages, materials, machinery, equipment and some overhead costs.
— Startup expert Roger Pierce has launched 11 businesses, co-authored a book and advised thousands of entrepreneurs worldwide. Contact him at NewcomerStartup.com.