Canadian Federal Grants and Training for Small Businesses 2024

With the release of the recent Canadian Federal Budget a number of grants and training services have been launched to assist small businesses in the present economy.

If you are able to align your small business ventures with the government you may qualify for grants and funding to propel your business forward.

Canada Carbon Rebate for Small Businesses: $2.5B to return fuel charge proceeds from 2019 to 2024 through direct CRA refunds and tax credits.

Venture Capital Catalyst Initiative: $200M over two years starting in 2026-27 to increase venture capital for entrepreneurs.

Regional Economic Growth through Innovation Fund: An additional $158.5M over two years to the regional development agencies to boost regional economic growth.

Futurpreneur Canada: $60M over five years to assist young entrepreneurs with access to funding and support services.

AI Compute Access Fund: $2.4B over five years to launch and support researchers, start-ups, and the scale-up of the development of AI businesses and the industry. $200M to be allocated to regional development agencies for AI start-ups and critical sector adoption.

NRC IRAP AI Assist Program: $100M over five years to help small- and medium-sized businesses scale-up and increase productivity through AI solutions. $50M over five years for a new Canadian AI Safety Institute for the safe deployment of AI. $5.1M for an Office of the AI and Data Commissioner to protect Canadians from potential risks of AI and to ensure responsible adoption by Canadian businesses.

Scientific Research and Experimental Development (SR&ED) Tax Credit: $600M over four years with $150M for future enhancements to the program. The second phase of consultations announced to determine how funding will be targeted.

Hiring and training skilled trade workers to build more homes: $90M over two years allocated for the Apprenticeship Service to create apprenticeship opportunities.

Foreign Credential Recognition Program: $50M over two years to remove barriers to credential recognition to decrease delays and get more skilled trades working in the field.

Student Work Placement Program: $207.6M in 2025-26 for work-integrated learning opportunities for post-secondary students.

Canada Summer Jobs program: $200.5M in 2025-25

Youth Employment and Skills Strategy program: $150.7M for youth job placements.

Sectoral Workforce Solutions Program: $50M over four years for skills training to support workers impacted by AI.

Canada Media Fund: $40M over two years

If you are looking for assistance in seeing if you qualify for any of these initiatives, we invite you to contact our firm. We offer consultations with trusted personal tax accountants who are well-versed in the complexities of Calgary’s tax laws and dedicated to optimizing your tax outcomes. Reach out today to ensure that your financial needs are expertly and professionally handled.