The federal government’s Fall Economic Statement (FES) released Wednesday contains new funding for innovative Canadian companies, plans to help them export and regulatory exemptions to allow them to test ideas. However, unlike 2016’s Global Skills Strategy immigration changes, there was no big-ticket new program for the innovation economy.
Here are some key measures in Finance Minister Bill Morneau’s annual update to the government’s spending plans that innovative Canadian companies will want to pay attention to, and one crucial measure they won’t find in the document.
What: $800 million more for the Strategic Innovation Fund (SIF), the federal government’s main piggy bank for supporting economically-important industries.
How much: It’s the single biggest non-tax line item in the FES.
Who could benefit: Some of the money in the SIF is being used to back Canadian scale-ups. North, the Waterloo, Ont.-based wearables company, got $24 million earlier this month, while General Fusion, the Burnaby, B.C.-based energy technology company, received $49.3 million in October.