For those considering expanding or relocating their operations, Canada presents a compelling case with its tailored programs designed to encourage business growth and innovation.
Here are just a few of the reasons to move your business to the land of maple leaves, hockey, and the Mounties.
Global Skills Strategy
One of the cornerstones of Canada’s appeal is the ‘Global Skills Strategy,’ which simplifies the process for employers to bring in skilled international workers.
The strategy includes short-duration work permit exemptions and fast processing for highly skilled workers, which is a significant advantage for businesses looking to tap into a global talent pool.
The ‘Global Talent Stream’ further facilitates the hiring of specialised workers, making Canada an ideal location for companies that rely on advanced skills and expertise.
The Scientific Research and Experimental Development program
The Scientific Research and Experimental Development (SR&ED) program is another lucrative initiative, offering tax incentives for eligible research and development projects.
With over $3 billion allocated annually, SR&ED supports projects that aim to resolve technological or scientific uncertainties or make technological advancements.
This commitment to R&D underlines Canada’s dedication to fostering a climate of innovation, essential for businesses at the cutting edge of technology.
Accelerated Investment Incentive
Understanding the need for modern and efficient capital assets, Canada’s Accelerated Investment Incentive allows businesses to write off a substantial portion of the cost of newly acquired assets.
This includes manufacturing and processing equipment, as well as clean energy equipment.
The ability to deduct these expenses in the year they are incurred greatly improves cash flow, enabling businesses to invest further in growth and development.
Strategic Innovation Fund
The Strategic Innovation Fund is set up to establish Canada as a prime location for investment and business expansion.
This fund provides significant support for large innovation projects across various streams, including research and development, expansion facilitation, investment attraction and retention, and the advancement of national innovation ecosystems.
This comprehensive support underscores the Government’s commitment to making Canada a hub for business innovation.
For businesses considering a move to Canada, these programs represent just a snapshot of the tax and financial incentives available.
The country’s supportive infrastructure for business growth, coupled with its strong economic fundamentals, makes it a standout choice for entrepreneurs and international businesses looking to invest in a stable and progressive environment.
For entrepreneurs and international business leaders, the move to Canada could be a strategic step towards unlocking your potential and paving the way for sustainable success in a global marketplace.
To explore how these incentives could benefit your specific business needs, it is advised to seek the advice of an international tax expert.
Their detailed knowledge can provide detailed insights into how the Canadian Government’s programs can assist in the growth and development of your business.
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.