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The SIF is a government program designed to support large-scale, transformative projects that drive innovation and economic growth. It provides funding for projects that enhance technology development, support significant R&D activities, and contribute to the creation of high-quality jobs.
Funding
The SIF provides up to 50% funding for tech development and innovation projects, and up to 40% for commercialization. Large projects can receive several million to over $100 million, based on scale and economic impact.
Eligibility
SIF eligibility includes Canadian businesses, non-profits, and research institutions working on large-scale projects in R&D, technology, or commercialization with significant economic impact, like job creation.
Application
The application process can be intricate, and fulfilling the eligibility criteria can be demanding. With our expertise, we can guide your company through these complexities and help you leverage this funding to boost your innovation and market position.
Management
Our expert will guide you through the entire application process, from start to finish. SIF will require regular reporting throughout the life of your project our team will manage the reports on the status of the project so you can focus on your projects.
How Long Does It Take To Receive Funding?
The time it takes to receive funding from the SIF can vary depending on the complexity of the project, the size of the funding request, and the thoroughness of the application. the entire process can take 6 to 12 months or longer, depending on the project’s specifics. It’s important to have a detailed and well-prepared application to avoid delays.
Can I Use An External Consultant For Assistance?
Yes, a company applying for SIF program can use an external consultant for assistance with writing the projects and business plan.
Can I Claim SR&ED Tax Credit and other funding programs?
Yes. It is possible to claim SR&ED tax credit and apply for SIF funding. However, an analysis needs to be conducted to avoid any double-dipping risk.
