Soon, it would be February 2025. Changes to several grants and financial programs administered by the Canada Revenue Agency (CRA) are being anticipated by many of the Canadians. Since it is changing constantly with fiscal policies and government priorities, entrepreneurs as much as anyone else have to anticipate what the changes would entail. Here are some potential changes that may be coming for grants given by CRA, especially those scheduled in February 2025:
1. New Budget Allocations and Changes in Funding
One of the biggest happenings that affect grant structures in Canada usually is the federal budget. Though the federal budget is usually released in March, announcements made in late 2024 may take effect as early as February 2025. In 2025, the Canadian government is expected to introduce new budget allocations to support economic recovery, innovation, and environmental sustainability.
This would include increased funding for small businesses, research and development (R&D), and clean energy projects. Organizations involved will want to watch for updates on programs like CEBA or Innovative Solutions Canada ISC and other supplemental grants that are targeted just at technological and green innovations.
2. Extended or Revised COVID-19 Relief Programs
Most of the more acute phases of the COVID-19 pandemic are over; however, there are a few types of support programs established during that time which continue to be undergoing various amendments. Canada’s Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) might also be extended or amended, depending on government priorities regarding public health recovery and business support.
Such programs will, by February, 2025, possibly morph into long-term support for the sectors still reeling under the impacts of the pandemic. These may include but are not limited to health-related sectors, tourism and hospitality, and eligibility criteria on that front.
3. Changes in Grant Application Procedures
Other than the changes in funding amounts and eligibility, changes in the grant application processes by Canadians are expected as well. In line with the CRA’s growing focus on the digitalization of grant application processes, it will hasten the implementation of a more user-friendly and transparent system. These could include:
Simplified forms and applications: More straightforward eligibility requirements and less paperwork may make it easier for businesses and individuals to access grants.
Online portal enhancements: The CRA is making strides toward equipping the digital interface for grant applications. An even more integrated online system that would help reduce administrative burden and hasten grant approvals would be expected by February 2025.
4. Initiate Greening and Innovation
Evidence has been shown from the Canadian end regarding the emphasis on sustainability and innovation when it comes to grants and funding programs to usher organizations into greening operations. Along the same lines, fresh cornerstones to be laid in the funding world could be projects regarding clean energy, electrification of vehicles (EVs), and carbon capture in line with Canada’s dream of net-zero emissions by 2050.
This might be a revamped Low Carbon Economy Fund meant for supporting businesses and local governments as they transition from present-day energy sources to renewable ones.
5. Grants Opportunities for Indigenous and Regional Administration
The Canadian government showcases its commitment to indigenous communities and places ever-increasing media attention on opening up the economies and bridging gaps on regional development disparities. Among the major items in the 2025 budget for the federal government is likely to feature additional expansion of grants towards indigenous economic development that will help support small businesses, going to school, and infrastructure projects in the communities.
Similar adaptations would be for regional economic development programs so that they could benefit from possible new incentives for innovation, infrastructure projects, and tourism development available to the residents and businesses in underserved areas.
Also Read: OAS Payment Increase: $978 Per Month for Seniors in Canada – Eligibility Requirements
