The Canadian government has tabled its #Budget2019.
This government’s previous budgets have featured significant investments in Canada’s innovation economy. In 2017, the federal government committed $950 million towards Superclusters , building a national AI strategy, and launching the Venture Capital Catalyst Initiative ( VCCI ), all of which only recently began deploying capital . That budget also committed to “double the number of high-growth companies in Canada…from 14,000 to 28,000 by 2025.”
Budget 2018 saw additional support for further equality between genders, a noted focus in both the VCCI and Superclusters announcements. Last year’s budget committed to tabling pay equity legislation, Bill C-86, which passed in December, and committed more than $365 million towards women entrepreneurs across a variety of programs, including support for regional development agencies, the Business Women in International Trade Program, and Export Development Canada, as well as upped government commitment to the BDC’s Women in Technology Fund.
Last year’s budget also announced $572.5 million over five years towards a national big data strategy as well as $85.3 million over five years towards an IP strategy that it has since pushed forward.
This is the fourth budget of this Liberal government, and the last budget to be introduced before the federal election is set to take place in October. This budget features fewer significant capital commitments towards Canadian tech and innovation compared to prior budgets, and could be taken as an expansion of previously announced initiatives. Significantly, the budget features no mention of a national data strategy, despite the federal government launching consultations in June of last year. Executive summary
Global Talent Stream made permanent
$35.2 million over five years, beginning 2019-20, with $7.4 million per year ongoing for Global Talent Stream
$38 million over five years, starting in 2019-20 to Futurpreneur Canada (Futurpreneur Canada will match investments) to support approximately 1,000 entrepreneurs per year)
$100 million over four years, starting in 2019–20, to the Strategic Innovation Fund, leveraging private sector co-investments, in order to support cleantech and the activities of the Clean Resource Innovation Network
$219.1 million over five years, starting in 2019–20, (with $0.5 million in remaining amortization), and $3.1 million per year on an ongoing basis for regulatory department Roadmaps, including Health Canada to establish a regulatory sandbox for innovative medical products
$328.5 million to support Science, Research and Technology Organizations, including $18 million over three years 2019–20 for Stem Cell Network, $100.5 million over five years, starting in 2020–21 Genome Canada, and $10 million over two years starting in 2020–21 for Let’s Talk Science STEM program
Establish and operate the Strategic Science Fund starting in 2022–23.
$1.7 billion to support universal high-speed internet in rural, remote and northern communities, including a new national high-speed internet program – the Universal Broadband Fund
$1.7 billion over five years, and $586.5 million per year ongoing, to establish a new Canada Training Benefit
$1 billion Canada Infrastructure Bank investment, leveraging at least $2 billion in additional private sector investment to increase broadband access for Canadians
$200,000 annual cap on employee stock option grants for employees of large, long-established, mature firms, to move toward aligning Canada’s employee stock option tax treatment with the US $60 million over two years, starting in 2019–20, to support CanCode’s ongoing work and help one million more young Canadians gain new digital skills Permanent Global Talent As part of the 2019 federal budget, the government has proposed making the Global Talent Stream a permanent program. The program is set to receive a $35.2 million investment over five years beginning in 2019-20, with $7.4 million per year invested ongoing.As part of the Global Skills Strategy, which […]
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