Morin Fisheries Ltd is One of Four Projects being Funded by CanNor Investment

Michael McLeod, Member of Parliament for Northwest Territories, on behalf of the Honourable Daniel Vandal, Minister of Northern Affairs, Minister for PrairiesCan and Minister for CanNor, announced a combined investment of over $550,000, delivered by CanNor, to support five projects that help Indigenous businesses across the Northwest Territories recover, diversify, innovate and grow.

The funding will go towards projects for Morin’s Fisheries Ltd., Aurora Heat Inc., Délı̨nę Got’ı̨nę Government, and two projects for the Łı́ı́dlı̨ı̨ Kų́ę́ First Nations (LKFN).

Morin’s Fisheries is a small, Indigenous-owned fishery based in Yellowknife. CanNor will invest $99,999 in funding for a one-year project focused on expansion and winterization. With an anticipated total cost of $298,081, the company has purchased equipment required for a winter fishery on Great Slave Lake and has further developed its commercialization strategy for high quality fish sustainably harvested from the lake. This project is expected to create 8 full-time jobs.

CanNor will invest $91,150 in funding for Aurora Heat’s two-year project. An additional $18,750 from the CanExport SME program delivered by Global Affairs Canada in partnership with the National Research Council of Canada Industrial Research Assistance Program. This funding, in tandem with an investment from Aurora Heat themselves, will cover the total cost of the project – $184,900. This project aims to scale the company’s production capacity and reduce production costs. Aurora Heat makes and sells sheared beaver products and intends to develop and market a new product called NEZU. NEZU will act as a sensory intervention for stress relief. This development is being done alongside the University of Calgary.  Aurora Heat anticipates promoting this product once the study is completed. Overall, as a result of this project, the company anticipates increased sales and revenues, and the creation of six part-time jobs and maintenance of five other jobs.

CanNor is investing $72,800 towards a one-year project with a further investment from the Délı̨nę Got’ı̨nę Government for phase one preparatory work towards establishing a country foods processing facility in Délı̨nę. The total cost of the project is $91,000. The project includes a feasibility study, including facility design drawings, site selection, and the development of specifications for the processing equipment and supplies. This project will help determine the overall budget and training requirements to operate a country foods processing facility in the community.

CanNor will invest $56,872 towards a one-year project to supplement the LKFN’s own investment. This project will establish a community trust fund which will oversee and manage revenues from the Impact and Benefits Agreement (IBAs). The trust will preserve and grow capital for the long-term benefit of the LKFN and generate a stable and sustainable income stream.

The final project will receive $247,290 in funding from CanNor with additional funding from the LKFN. This one-year project will see the development of a year-round hydroponic garden with a total cost of $308,140. When fully functional, the hydroponic garden is expected to produce up to 12,000 pounds per year of over 300 different types of leafy greens, Asian greens, brassicas, herbs, and cultural crops. The produce will be sold directly to consumers, local businesses and surrounding communities.

Investments in projects provide the means and capabilities for remote communities to engage in development and innovation projects. Innovation is a key method for economic success, producing long term benefits and positive downstream impacts in terms of job availability, job quality, and economic growth.

Who We Are:

Swanson Reed is one of Canada’s largest Specialist SR&ED tax advisory firms. We manage all facets of the SR&ED tax credit program, from claim preparation and audit compliance to claim disputes.

If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Advisor today.

Recent Posts