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Financial support

Top ten funding opportunities

1. Co-operative Education Tax Credit (CETC)

25-30 per cent tax credit, up to $3,000 per 12-16 week work term.

  • Most Ontario-based co-op employers are eligible (must not be exempt from tax and must have had a permanent establishment in Ontario in the tax year)
  • Helps offset the cost of salaries, wages, and benefits associated with hiring co-op students.
  • For more information, please visit the Ontario Ministry of Revenue.

2. Ontario Innovation Tax Credit (OITC)

10% refundable tax credit, up to $200,000 per year.

  • Available for Ontario private and public sector corporations.
  • Facilitates hiring of students for scientific research and experimental development in Ontario.
  • For more information, please visit Ontario Ministry of Revenue.

3. National Research Council Canada Industrial Research Assistance Programs (NRC-IRAP)

Up to $30,000 for a graduate student's salary.

  • Funding for Canadian manufacturing companies with 500 employers or fewer.
  • Supports hiring of science, engineering, technology, business, and liberal arts graduate students.
  • For more information, please visit National Research Council Canada.

4. Strategic Jobs and Investment Fund (SJIF)

Grant or interest-incentive loan, or both, decided on an individual basis.

  • Eligible applicants will create and maintain 50 high-value jobs or have a minimum project threshold of $10 million within five years.
  • Aids leading-edge investments in Ontario in one of four sectors: clean technology, financial services, life sciences, and IT.
  • For more information, please visit Ontario Ministry of Economic Development and Trade.

5. SMART Program: Canadian Manufacturers and Exporters

50% funding up to $50,000 per project.

  • Qualified projects include lean manufacturing, energy efficiency, IT best practices, and more.
  • Provides funding for small and medium-sized businesses' productivity improvement projects.
  • For more information, please visit Canadian Manufacturers and Exporters Smart Program.

6. Scientific Research and Experimental Development Program

20-35% investment tax credits.

  • Canadian corporations that conduct scientific research and experimental development are eligible.
  • Helps reduce cost of basic research, support work, experimental development, and applied research.
  • For more information, please visit Canada Revenue Agency.

7. Emerging Technologies Program

Up to 50% investment towards eligible project costs.

  • Funding for Northern Ontario private sector, governmental, and non-profit businesses.
  • Aids initiatives related to projects in biotechnology and life sciences as well as in the IT sector.
  • For more information, please visit Ministry of Northern Development, Mines and Forestry.

8. Industrial Undergraduate Research Assistance (NSERC)

Awards $4,500 for a 12-16 week work term.

  • Private, public, governmental, or non-profit companies looking to hire undergraduate researchers are eligible.
  • Supports an Research & Development (R&D) Program with demonstrated results pertaining to natural sciences or engineering.
  • For more information, please visit Natural Sciences and Engineering Research Council of Canada.

9. Export Market Access: A Global Expansion Program

Grant coverage up to 50% of eligible costs.

  • Available for operations at least two years old, with five to 500 employees and minimum annual sales totaling $500,000.
  • Helps offset costs for a manufacturer with an export mandate whose goods and services are produced in Ontario.
  • For more information please visit Invest in Ontario.

10. Small Business Internship Program (SBIP)

Up to 75% of eligible students' wages, up to a maximum of $10,000.

  • Funding for Canadian enterprises with less than 500 employees that have operated for over a year.
  • Supports the hiring of post-secondary students working on e-business projects.
  • For more information, please visit Small Business Internship Program.

Other funding opportunities for hiring co-op students:

​Funding opportunities for hiring non-co-op students

If you're interested in hiring a non-co-op student, please visit funding opportunities for hiring non-co-op students.