Yesterday the Canadian Government released their 2022 budget. Included in the budget is a new federal innovation agency to support both startups and legacy companies, and $3-billion in new spending on innovation.
Here’s a brief Executive Summary on the Canadian Federal 2022 Budget Related to Startups / The Canada Startup Visa Program:
- Establishment of a Canada Growth Fund attract substantial private sector investment;
- Creation of a Canadian Innovation and Investment Agency to invest in innovation, research, and development;
- Rebrand and $750 million for Superclusters;
- Review of Scientific Research and Experimental Development (SR&ED);
- Extending phase out of small business tax rate from $15 million to $50 million;
- $45 million for semiconductor industry;
- $30 million for CAN Health Network;
- $875.2 million over 5 years to address cyber threats;
- $17.7 million over 5 years for the Communications Security Establishment (CSE) to establish an academic research programs on cutting-edge technologies;
- Amendments to the Competition Act;
More capital for National Intellectual Property Strategy;
- $25 million for the Research Support Fund;
Creation of the Employee Ownership Trust
- $2.6 billion for a carbon-capture, utilization, storage tax credit;
$2.2 billion for the Low Carbon Economy Fund;
- $780 million to expand Nature Smart Climate Solutions Fund.
“This is an innovation budget through and through,” said Benjamin Bergen, president of the Council of Canadian Innovators. “With a clear focus on supporting Canadian innovators, bolstering intellectual property generation, driving clean economic growth, and doubling-down on Canada’s fastest-growing sectors in the years to come.”
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs.
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