Are you interested in conducting research and development with another country? The Canadian International Innovation Program (CIIP) offers huge incentives and tax credits.
What Is The Canadian International Innovation Program?
The program aims to support and encourage collaborative research and development projects with foreign entities. The program offers funding for projects in the following markets:
- South Korea
In fact, the 2022-2023 Israel program is currently accepting registration.
What Projects Qualify?
There are three categories your project can fall into that would make it eligible for CIIP funding:
Adapting commercialized products to reach new markets, including Canadian and foreign.
Products that require technical and business validation from potential early adopters that are not yet commercialized.
Creating a new product, service, or process, even if it has an uncertain path to commercialization.
What Does It Include?
Acceptance into the program will give you funding for up to 50% of eligible costs (up to a maximum of $600,000) for approved research and development projects. Eligible expenses include salaries, contractor fees, and reasonable travel costs.
Who Can Apply?
The program is open to any Canadian company that fulfills one or more of the following criteria:
- Incorporated, profit-oriented, small- and medium-sized enterprises, with up to 500 full-time equivalent employees
- Ready to collaborate with a foreign partner in one of the countries listed above
- Seeking to commercialize new or improved products, services, or processes
- Have sufficient resources to make a serious new market entry push
- A world class, distinguishable, and protectable technology which may already be commercialized in Canada
In addition, while the program invites proposals from any sector, they are currently giving special consideration to these areas:
- Agricultural technologies and agri-food technologies
- Clean technologies and low carbon economy technologies, including materials for clean fuels, clean transportation/mobility, climate resilient building/infrastructure, renewable energy, water and wastewater management
- Digital technologies, including cyber security, smart cities and smart mobility
- Environment protection technologies, including transportation infrastructure, renewable power sources, energy storage, eco-friendly energy, eco-friendly vehicles, smart environmental solutions and soil remediation technologies
- Health and bio-sciences, including healthy aging, mental health, biomedicine and biomedical engineering
- Quantum computing technologies, including sensing and timing, simulation, communications, imaging, and artificial intelligence
Additional Eligibility Requirements
Beyond the obvious requirement that the program needs a Canadian and Israeli company to both participate, there are a few more boxes to tick:
- Is the product, process, or technology highly innovative?
- Does it have significant commercial potential?
- Will it have outcomes that can be realized within two years of completion of the project?
Another important note: the project may not involve a product, process, or technological-based service with military or non-peaceful applications.
The deadline for Canadian companies to register is May 16, 2022 and the expression of interest deadline is May 20.
For more information about the program and to start your registration, head over to their website.
Just because you aren’t working with a foreign entity on your SR&ED projects doesn’t mean you can’t get some money back either. There are tons of projects that are still eligible for other incentives and SR&ED tax credits.
For help navigating the complex world of SR&ED benefits, trust the expert team at Maxim Innovation. We have a highly efficient process that streamlines the process and maximizes your refund amount.