The federal and provincial governments have rushed into announcing a wide array of wage subsidies and financial incentives that could help your business weather the impacts of the COVID-19 pandemic.
Although most of the stimulus incentives focus on enabling employment continuation and provide operational liquidity support, each organization has very specific needs, which may differ widely.
Most establishments find themselves in unprecedented positions, where demands on their leadership to act smart and fast to preserve operational continuity are coming from multiple stakeholders: clients; marketplace; workforce; suppliers; financial and tax compliance bodies. Moreover, to keep pace with these changes, organizations need to move quickly and intelligently in order to address individual stakeholder needs.
Granting most federal and provincial programs provide free access to the details of the application process—every situation is different. Therefore, the steps required to develop and complete an application are most likely unique to each individual and organization. While the application process for the individual taxpayer subsidies may seem straightforward, some of the financial incentives for businesses and not-for-profit organizations require the supply of a slew of operational, financial, and strategic information specific to each organization’s plan to overcome the current challenging environment.
Facing a potentially reduced workforce—where some of the talent with skills necessary to develop the application information packages has already left the organization, and where any last-minute complications can derail an organization’s well-being—reaching out for professional help may be the timely choice.
BDO Canada’s government incentives team provides comprehensive assistance to various organizations, from early development stage to global scale networks. They work with owners and management to develop cash flow preservation strategies aligned with current business needs, and integrate relevant stimulus subsidies and loan facilities into solid working capital plans through accurate cash flow projections.
BDO’s advisors have in-depth knowledge of the 4,500+ government funding and incentive programs across Canada at federal, provincial, and municipal levels. They get involved with different types of organizations by proactively identifying suitable grants and funding, analyzing matching opportunities, developing a grant strategy, writing funding applications, and delivering compliance reporting support.
By working with BDO, organizations gain access to their deep insights and curator approach when it comes to the funding landscape. This approach removes the complexity and reduces the preparation time from month to days, while increasing the chance of a successful application.
Our team would be happy to discuss any additional details.
George Stefan, Partner, SR&ED and Government Incentives