Lesser-known sources of funding

June 23, 2014 - Tags: Financing

You have probably heard a lot about the most common types of funding available to small businesses, like grants and loans. But you may be interested in some of the lesser-known types of financing, like tax refunds and credits or wage subsidies, which can help with your cash flow.

Tax refunds and credits

Tax refunds and credits serve to reduce the amount of tax that you have to pay, or act as reimbursement for some of your spending.  Refunds and credits are offered for many types of businesses and business activities, from conducting research to hiring a student. In some cases, you can even offer a personal income tax credit to others who invest in your business. 

Wage subsidies

Wage subsidies help you hire new employees or improve the salaries of current employees. You can sometimes get assistance for undertaking specific types of projects or for employing individuals who fall under a certain category (students, apprentices, recent graduates, and people with disabilities, for example).

Search for funding

You can look for the above-mentioned types of assistance, along with the more common types of funding, by using our financing search tool. The tool allows you to filter by region and by industry. For example, this means you can get a complete list of the federal and provincial/territorial funding options available for a restaurant in Calgary, or a software company in Ontario.

The search tool also allows you to select a purpose of financing if you wish, indicating what it is that you are hoping to use the money for. For example:

  • Start a business
  • Hire or train employees
  • Export products or services
  • Get a patent or a licence, or apply a new technology

Be sure to plan ahead so that you give yourself enough time to sort through all the information provided, and to meet any application deadlines. Keep in mind that you must meet all of the program's eligibility criteria to be considered for funding. If you take the time to investigate, you may be surprised at the opportunities that are available to you.


Comments

Posted by Canada.ca on October 24, 2016
Hello Tatum,

Thank you for contacting the Canada Business Network. We are always happy to help you with questions about starting or growing your small business in Canada.

Our Business start-up checklist will help you navigate the business start-up phase.

The Business planning section of our website can help you write your business plan; it includes links to sample business plans and templates.

You will also find useful resources for starting a business on our Starting a Business page.

If you have further questions about starting or growing your business, please contact Canada Business.

Thank you and good luck with your new business!
Posted by Tatum on October 19, 2016
As a recent graduate from school, I have an idea and am working on developing it. Running into a lot of the stress of the governments certifications needed in order to run and start a business. I am overwhelmed with the amount of information needed as I only have focused on the important parts of developing the idea. I am interested in finding a step by step plan to get myself started without stressing out. To get an idea of how much it will cost to start the business I am unsure of how to figure out what types of expenses there will be. It's sounding like I will be having a mess of papers around with jot notes. I need help organizing.
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