GR Green Building Products Inc. is grateful for the assistance received from the Federal and Provincial Governments. Continued government support indicates a strong belief in the market potential of GR Green and has made a significant difference in the Research & Development of the company's proprietary technology. GR GREEN would like to specifically recognize the following contributors for their continued encouragement, guidance and support:
The National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) is Canada's premier assistance program for small- and medium-sized enterprises (SMEs) developing new technologies that result in the commercialization of new products, processes or markets. NRC-IRAP technology and business advisory network, coupled with the shared financial support it offers to innovative organizations, aims to assist SMEs in turning their knowledge and innovations into significant opportunities for company growth, thereby creating jobs and prosperity for Canadians.
GR Green Building Products Inc. (GR GREEN) has and continues to receive research and development support from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). To date, GR GREEN has received $25,000 and this year, will receive an additional $20,000 from NRC-IRAP.
"The NRC-IRAP program financial support has been critical in allowing us to complete the R&D of our innovative production processes and products, and their staff has done an outstanding job in the facilitation and implementation of our applications," says Geoff Wensel, President and CEO of GR Green Building Products, Inc.
The SR&ED program is a Federal Government initiative to encourage Research & Development in Canada, administered through the provisions of the Income Tax Act. Last year, the program provided over $1.4 billion dollars in tax refunds and tax credits across all sectors of Canadian Industry. Large corporations can receive up to 20% Investment Tax Credit (ITC) while smaller companies with a taxable income of less than $200,000 can receive a cash refund of up to 35% for eligible SR&ED expenditures of up to $2 million. In addition to a refund of Federal tax, R&D expenditures are also eligible for an additional Provincial tax refund.
Over its first 3 years of operations, G.R Green has received approximately $180,000 and expects later this year to receive a further $85,000 from the SR&ED Program. "We are grateful for the continued support from the Federal Government though the SR&ED Program. The funds have been a vital part of our R&D success". Said Geoff Wensel, President and CEO of GR Green Building Products, Inc.
BC PROVINCIAL GOVERNMENT
GR Green Building Products Inc. is an Eligible Business Corporation ("EBC") under the BC provincial government's Equity Capital Budget program within the Cleantech Venture Capital Budget. Under this program, investors may be eligible for up to a 30% tax credit on their investment. Read more.
"We are grateful to the government of British Columbia for offering an incentive for investment in green-tech corporations. In the last year we were successful in recruiting new investors due to our "EBC" tax credit status." Said Geoff Wensel, President and CEO of GR Green Building Products, Inc.