The Future of Innovation in Canada
Research and development is at the core of innovation and forms the foundation of economic prosperity and job creation in Canada.
The capacity for research and development could been improved through the implementation of a multi-year plan set out in the 2017 Fundamental Science Review. This report was developed by an advisory team of experts from tertiary institutions and the science field across Canada. A large amount of the funding has been directed towards university research departments.
The public sector is often responsible for the for the largest research and development gains. The limited private sector R&D in Canada makes the government’s role particularly important. Canadian public sector funding has brought about the discovery of transformative innovations such as insulin, stem cells, the cell battery and canola. The huge successes so far have been as a result of the many programs that have been rolled out, including the SR&ED tax credit and the Industrial Research Assistance Program (IRAP). The former has been made available to start-ups and existing firms that have eligible expenditures. It has been implemented by the Canada Revenue Agency for both the federal and provincial governments.
The ability of the country to positively impact health outcomes, the economy and improve the quality of life both domestically and internationally lies in the commitment to SR&ED by its stakeholders. Investment in research will lead to innovations that will enhance Canada’s competitiveness on a global scale.