Government releases blueprint for Canada Innovation Corporation

Source: | · DEPARTMENT OF FINANCE · | February 16, 2023

February 16, 2023 - Ottawa, Ontario - Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, released a blueprint that will guide the operations of the new Canada Innovation Corporation (CIC).

In creating the CIC, the government is following through on its Budget 2022 commitment to establish an innovation agency to drive Canadian business investment in research and development (R&D) and foster economic growth. The CIC will operate with an initial budget of $2.6 billion over four years, and is expected to begin its operations in 2023.

Canadian research facilities are home to some of the most talented people in their fields in the world. With robust start-up ecosystems across the country and countless firms in commodity-based and traditional sectors that could be transformed into technology-driven global leaders, Canada has all of the fundamentals required to build a stronger and more innovative economy.  

However, Canadian businesses do not invest in R&D to the same degree as their global peers, which weakens Canada’s economic competitiveness and reduces opportunities for Canadian workers. Canadian businesses—including those operating in established commodity-based and manufacturing industries—need enhanced support to make R&D investments that will generate new and improved globally competitive products, processes, and services.

The CIC will help Canadian businesses across all sectors and regions to innovate, commercialize, grow, and create good jobs in a changing global economy. Using best practices established by similar agencies around the world, the CIC will be an operationally independent, outcome-driven organization, that will work with the private sector to provide targeted support to new and established Canadian firms by delivering funding and advisory services.