A Tax Court of Canada ruling that reduced a Montreal aerospace company’s federal Scientific Research and Experimental Development tax credits impacts the entire tech sector and further complicates a government incentive program already rife with problems and in need of reform, say innovation advocates.
Organization: Canadian Advanced Technology Alliance
Canada’s continued poor performance in innovation and business productivity is due to a failure to link publicly funded research and innovation programs to an industrial strategy based on the country’s strengths, say innovation experts. Meanwhile, studies by University of Toronto researchers show the federal innovation agenda has negatively impacted funding for basic, investigator-driven research but hasn’t addressed the underlying problem of industrial innovation in Canada.
More than 550 members of Alberta’s innovation system call on the UCP government to act on an expert panel report to help the province’s struggling tech sector.
Searchable database could make it easier for tech companies of all sizes to apply for government contracts.
Some of Canada’s 12,000 Canadian-owned small tech and innovative companies have already folded while others are being bought at fire-sale prices by large U.S. companies. Unless the government takes stronger measures, things will get worse, business leaders say.
Many stakeholders in Canada’s innovation ecosystem are calling for an independent, comprehensive review of Canada’s tax system.
A new report by the Toronto Region Board of Trade’s World Trade Centre Toronto (WTC-T) argues that the Toronto region needs a better scaleup ecosystem to grow its small and medium enterprises. Titled ”Defying Gravity: Building a Scaleup Ecosystem,” the report claims that the region provides ample support to tech startups through its numerous accelerators…
A Statistics Canada report on foreign firms operating in Canada points to both crisis and opportunity for the country’s innovation ecosystem.
Submissions to the House of Commons Standing Committee on Finance (FINA) in advance of Budget 2019 seek better R&D tax credits, more space investments, and a bigger Strategic Innovation Fund, among other things.
As Department of Finance Canada conducts an internal review of the SR&ED program, innovation advocates and business consultants say Canada’s largest funding program for incenting R&D by the private sector is “broken” and needs a major overhaul.