The Canadian federal government provides financing in form of grants to aid those in need of assistance, from visionary entrepreneurs to students from low-income families.
Grants can be loosely defined as "free money", money that does not need to be paid back, given to those who need financial assistance. Canada's federal grants are redistributed through both local and state governments, under the territories and provinces, with amounts varying from province to province.
As with all grant and scholarship programs, applicants need to meet the eligibility requirements to get this free money. This does not apply to those with intent to stock their homes with the latest gadgets or take a vacation to an exotic island. Grants are only provided to those in dire need, for example for education or health-care. As of October 2011, about 3.3% of Canada's GDP is put aside for federal grants.
Due to the high cost of post-secondary education, students are always on the lookout for scholarships and grants. Student grant programs in Canada offer funds to citizens who need help with the cost of higher learning.
Government funding for education is accomplished through colleges, trade schools and university, aiding in the education of different students; grants can support part-time students, students from low (sometimes middle) income families, students with disabilities and students with dependents. Amounts given will vary, but in all cases, the applicants will need to prove that they are deserving of the grants. For example, for students with special needs, they must have official documented proof of their permanent disability to qualify for a grant.
The threshold payment can differ, with some student grant qualifiers receiving, per academic duration, $40 a week, $100 a month or up to $1200 a year. As stated, the eligibility for each amount depends on whether you're an individual, the sole breadwinner or you have special needs, and more so, if you're a full-time or part-time student.
Non-repayable federal grants are also used to finance entrepreneurs and small businesses, be it a start-up or an already existing business that needs expansion.
In Canada, there are few federal grants that are directly pumped into a business, especially retail businesses. Those that the government directly deals with are few "select" businesses doing "select" things, for example businesses whose activities are aligned with the government's objectives, such as developing machinery to make farming and harvesting more efficient.
The federal government uses agencies or programs, such as co-operatives, to offer financial assistance to small businesses through non-repayable loans, tax credits or awards. The terminology is different but it's still a grant!
More so, the Canadian Self-Employment Program is one of the best bets in receiving a small federal business grant for capital of your start-up. Eligibility requirements differ between provinces but the program generally assists committed individuals with financial aid, advice, training and support. Apart from other stipulations stated in applying for this grant, the Self-Employment Program requires applicants to already be receiving the Employment Insurance benefits.
There are multiple online resources available with information about federal grants in Canada, and for any Canadian looking for financial aid without wanting to deal with loans and interest rates, federal grants will offer effective support.