Malabar - News
Government Grants & Tax Incentives for Processors
There are a number of government grants and tax incentives available for processors to take advantage of. Here we review two of them:
“Growing Forward” – The Food Safety & Traceability Initiative
The Food Safety & Traceability Initiative (FSTI) is NOW ACCEPTING APPLICATIONS from farms and food plants. This funding will help facilities adopt food safely and traceability practices. These practices help producers and processors respond to the demands for safe food and to improve product tracking.
How does FSTI work?
FSTI provides 75% reimbursement of eligible expenses up to a maximum of $20,000 to:
- Implement written food safety programs
- Implement a working traceability system
- Assist in the purchase and installation of equipment that improves food safety or traceability
- Train staff to increase the adoption of food safety and traceability
There are 3 different options which can be applied for. For information on these three options, visit www.malabarsuperspice.com/FoodSafety&Traceability
SR & ED – Scientific Research and Experimental Development
The SR&ED program is a federal tax incentive program that encourages Canadian businesses of all sizes to conduct research and development (R&D) in Canada.
The SR&ED program gives claimants cash refunds and/or tax credits for their expenditures on eligible R&D work done in Canada. Canadian corporations, proprietorships, partnerships and trusts can earn an investment tax credit (ITC) of 20% on qualified expenditures. These are also provincial programs which offer a 10% refundable tax credit.
What kind of projects qualify?
To qualify for the SR&ED program, the work must advance the understanding or increase the scientific knowledge within your own company. You must indentify a scientific or technological uncertainty, and set up a systematic investigation process. This does not mean the project must be totally new or revolutionary to the industry. It just has to be new to your company.
For more information on this program, visit www.malabarsuperspice.com/SR&EDProgram
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