What does CITC mean in COMPANIES & FIRMS

CITC assists in creating an environment that promotes the development of innovative technology in Canada by providing grants, tax credits and other incentives to businesses, universities and research institutions. It also works with partners to develop new products and services that will benefit all Canadians.

CITC works with its partners to develop programs and initiatives that drive innovation and create a competitive advantage for Canadian businesses. This includes providing access to expertise, mentorship opportunities, funding for research & development projects, access to resources such as market data in order to gain a better understanding of customer needs, collaboration on product development initiatives and more.

No — CITC supports anyone looking for assistance related to innovating their product or service in Canada — whether it be a business, university or research institution.

Incentives provided by CITC include grants up to million annually; access to technology infrastructure; investments in venture capital funds; tax credits both at a federal level up to 25% on expenditures on qualified scientific research & experimental development activities; provincial tax credits (through SR&ED); access to public-private partnerships; and more.

Organizations can submit an application via the website () detailing their proposed project/initiative along with any relevant supporting documents or collateral. The application process begins with an initial review followed by a full evaluation which may take several months depending on the complexity of the project or initiative being proposed.