Many funding options are available for businesses in Ontario. This guide will give you an overview of some of the programs and the services available to the technology and innovation sector.
For general financing options that are available to businesses in Ontario, you can use the Canada Business financing search, refer to our financing guides or contact us directly through the Business Info Line.
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Financing a Business Guide
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Several federal departments and provincial ministries work directly with technology and innovation entrepreneurs. You may be able to access resources and information from either level of government, based on your industry or business project.
Contact your local municipal office for information on financing and support that may be available for your area. You can find the number for your municipality on the Association of Municipalities of Ontario website.
Association of Municipalities of Ontario
Common sources of technology and innovation business support offered by the Government of Canada include:
Investment capital for your business may be available through the BDC. Funding is offered for every stage of a company's development, from seed through expansion.
If your business plans to work with a foreign partner to further R&D initiatives, you could be eligible for a funding contribution of up to 75% of the eligible expenses. The minimum amount for a funding request is $5,000.
Going Global Science and Technology Fund
If your business is working to make transportation more innovative and sustainable, you may find support through MOST.
Moving On Sustainable Transportation
Access non-repayable contributions or collaborative assistance for industry-led research and development projects focused on creating innovative agriculture, agri-food and agri-based products and services.
You can find information about current research, as well as information about ways that your business may be able to partner with a CANMET laboratory in your field to develop new technologies and innovations. Natural Resources Canada overseas a variety of CANMET laboratories engaged in cutting edge research in a variety of sectors, including:
Natural Resources Canada
Find out how the National Research Council may be able to support your business innovation.
You could get support for your business when you work with academic partners on cutting-edge, university-based research and training.
Networks of Centres of Excellence
If you would like innovation expertise to help advance your R&D projects and lower your costs, you can explore support and financing options from NSERC.
Advance Your R&D
If your business is active in innovation and technology you may be able to access funding to lower the cost of hiring new employees with skills and knowledge of value to your business. Youth specific programs include:
You can also explore the Career Focus component of the Youth Employment Strategy to find more programs to help cut innovation costs for your business.
Common sources of technology and innovation business support offered by the Government of Ontario include:
The Ontario Ministry of Research and Innovation funds a number of programs aimed at fostering research, innovation, and commercialization of new scientific and technological breakthroughs. Some of the programs include:
Explore more financing options on MRI’s website to find one that meets your technology and innovation business needs.
MRI - Programs and Funding
Apply for a grant or a loan to research and develop new technology if you run an incorporated business in Northern Ontario.
Northern Ontario Heritage Fund Corporation - Emerging Technology
Access a network of innovation centres with diverse funding support tailored to specific business needs and stages from anywhere in the province by contacting your local regional organization.
Ontario Network of Excellence (ONE)
Businesses involved in technology and innovation research and development may also be interested in the following tax credits.
You may qualify for a federal tax credit if your business conducted research and development that led to new, improved, or technologically advanced products or processes in Canada.
Contact the Canada Revenue Agency:
(SR&ED) Tax Incentive Program
A provincial tax credit may be available if your business conducted scientific research and experimental development in Ontario.
Contact the Ministry of Finance:
Ontario Innovation Tax Credit
In addition to financing available through government sources, there are many non-governmental organizations that collaborate with the government to provide financing to technology and innovation entrepreneurs, including:
You could get innovation and technology support from colleges in Ontario to help reduce the cost of your applied research and commercialization projects.
CONII - Project Funding
You could be eligible for funding support to develop clean technology projects that show strong market potential.
For other information that relates to starting your business, you can read the following guides:
You can also find books, magazines and other relevant print material at business service organizations in your community. To locate a Canada Business Ontario (CBO) community partner, contact us through the Business Info Line at 1-888-745-8888.
Information contained in this document is of a general nature only and is not intended to constitute advice for any specific situation. Users concerned about the reliability of the information should consult directly with the source, or seek legal counsel.
Some of the organizations listed above are not subject to the federal Official Languages Act or the French Language Services Act of Ontario. Their services may not be available in both official languages.