Canada's 'innovation' Budget: Russ Roberts, Sr. VP, CATA

Russ Roberts, CATA, Sr VP Tax, Finance and Advocacy offers insights into the Thumbs Up federal budget (March 22, 2017)

Ottawa...CATAAlliance, Canada’s One Voice for Innovation lobby group, and leader of the competitive Innovation Nation movement has given the federal government a thumbs up for its ‘innovation’ budget.

CATA CEO John Reid, said, “We have been advocating for a competitive innovation nation, and now the government is setting up Innovation Canada, a new platform to coordinate and simplify support available to Canadian entrepreneurs. It will serve as a one-stop-shop for Canada’s innovators. Bravo!”

He added, “The Liberal government has tabled a budget designed to help Canadians meet the challenges of a fast changing economy and empower women in the workforce, while taking a wait-and-see approach to the America First policies.”

Positive Budget Actions Cited:

-$950 million over 5 years to support superclusters
-$400 million over 3 years for a new Venture Capital Catalyst
-$14 million over 2 years for Futurpreneur Canada to match investment with funding from departments and the private sector
-$279.8 million over 5 years for the Temporary Foreign Workers Program
-$50 million over 2 years for teaching initiatives to help children learn to code and to boost digital literacy
-$395.5 million over 3 years to expand the youth employment strategy
-$225 million for a new agency over 4 years to advance future skill development
-$124 million over for a Pan Canadian Artificial Intelligence strategy
-$50 million for the launch of a new Innovating Procurement program, inspired by the U.S. Small Business Innovation program
-$75 million over two years for clean technology and $300 million over 11 years through the Impact Canada Fund
major further funding increases in the order of $1.4 billion to support cleantech firms plus an additional $400 million over 5 years for the SD Tech Fund
-Building on a $50 million fund (November) a boost to advancing women in tech entrepreneurship
-Support for a new Intellectual Property strategy for Canada in 2017

Reid concluded, “Our community was also pleased to see no changes in the capital gains tax regime and stock option terms that would have disconnected the ‘innovation’ spark from advancing Canada to a number one competitive innovation nation status.”