2 minute read
Accounting Counts: Key Strategies To Utilize When Accessing Funding Programs
By Rajev Pathmanathan And Adrian Visekruna
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Whether you are a part of a small, medium or large business, government funding and incentives can be a critical support vehicle for the growth and expansion of your business.
The Canadian funding landscape is vast and complex. However, there are a few key strategies you can utilize when accessing funding programs, to help ensure you maximize the benefits available.
1. Proactively plan your investments and identify your project activities and expenditures
Government funding and incentives programs in Canada can be retroactive as well as forward-looking.
Retroactive incentive programs require you to identify and claim costs that have already been incurred, so keeping records of your expenses and activities is critical to ensure nothing is left off the table.
Forward-looking funding programs require you to carefully plan out your project, establish budgets and develop timelines well in advance of project initiation.
As most forward-looking funding programs require approval prior to incurring any costs, it is important to gain a strong understanding of upcoming project activities and match them to the relevant funding programs as soon as possible.
2. Review and understand program objectives, eligibility criteria and eligible costs
A strong funding application will clearly demonstrate alignment of your project with the objective of the specific program.
As such, it is imperative to gain a comprehensive understanding of the program and its goals and reflect this in your project narrative.
Recognizing eligible expenditures and any defined limits is also important to ensure you include all potential claimable costs.
Keep in mind that most programs will not grant you additional funding for unanticipated costs once the application is approved; therefore, developing an accurate budget will be key to accessing the funding you need.
Proactively gathering quotes or using estimates from similar projects undertaken in the past can be helpful tools to accurately predict project costs.
3. Stack programs to maximize government support
A single project may qualify for support through multiple government incentive and funding programs.
As each program has its own set of focus areas and eligible activities, you may be able to “stack” programs to assist with your business growth and expansion.
Viewing your business growth activities through multiple lenses will allow you to identify multiple government funding and incentive programs.
However, it is crucial to carefully review the stacking limitations associated with each program to ensure that it is allowable to do so.
These simple tips can help you pursue programs that match your business needs and maximize the government funding support you can receive.
Government funding spans a diverse landscape and can be offered through multiple channels.
Planning and connecting with the right resources can ensure you take full advantage of the opportunities that are available to you, leaving no dollar behind. Rajev Pathmanathan is a Senior Manager at KPMG heading the Government Assistance Practice (GAP), which helps clients navigate the funding landscape and secure support for their business growth initiatives. Adrian Visekruna is a Research and Technology Senior Manager at KPMG with over 15 years of experience in tax incentives and government funding programs. For their contact information visit: Home.KPMG/ca/ en/home/about/offices/windsor-1.html.
