What happens if I don't follow through with the grant?
Our role at Granted is to secure you the funding agreement and to help out the reimbursement process so that we can ensure that you get the contribution efficiently and the amounts received are accurate. It is your role to carry out the activities proposed. Therefore, we charge on the amount awarded based on the contract terms.
Can I apply for grants on my own?
There are grants that we don’t work with and we encourage you to apply those on your own. As grant strategists, we help you identify the best grants and help you through the process, and sometimes the grant you find and apply for may not be the best one out there. We encourage you to connect with us for any hiring, training, and marketing expansion opportunities.
What is the turnaround time for receiving the grant?
This varies depending on the grant. Here’s an overview of the timeline for each type of grant:
- Hiring grants: Monthly or quarterly
- Training grants: 5-6 months
- Market Expansion grants: 3-12 months
How much do I need to do?
This varies depending on which grant you apply for. We will do as much research on the information provided and manage the administration; however, we will still need direction from you and your team to ensure that the work we do for you reflects your needs.
How can I stay updated with new grants?
Every quarter, we send out e-newsletters to inform you on the latest updates with any hiring, training, and market expansion grants. In addition, your grant strategist will reach out to you whenever a new grant launches.
Are grants considered taxable benefits? Where do they go on a corporate tax return?
There is a field in your Corporate T2 Return form for grant funding specifically. It should be considered an offset of expenses as it is calculated as a separate line item in Revenues. Here is a document that may be helpful as there are different circumstances for different grants.
In our T2 Return form, the grant is claimed under Other Income → Other Revenue under GIFI 8230 terms.
For more information on this subject, please consult with an accountant.
Still have questions? Contact us now.