budget in research proposal

The Research Whisperer

Just like the thesis whisperer – but with more money, how to make a simple research budget.

A napkin diagram of the basic concepts in a project: interviews in South East Asia and trails with a Thingatron

Every research project needs a budget*.

If you are applying for funding, you must say what you are planning to spend that funding on. More than that, you need to show how spending that money will help you to answer your research question .

So, developing the budget is the perfect time to plan your project clearly . A good budget shows the assessors that you have thought about your research in detail and, if it is done well, it can serve as a great, convincing overview of the project.

Here are five steps to create a simple budget for your research project.

1. List your activities

Make a list of everything that you plan to do in the project, and who is going to do it.

Take your methodology and turn it into a step-by-step plan. Have you said that you will interview 50 people? Write it on your list.

Are you performing statistical analysis on your sample? Write it down.

Think through the implications of what you are going to do. Do you need to use a Thingatron? Note down that you will need to buy it, install it, and commission it.

What about travel? Write down each trip separately. Be specific. You can’t just go to ‘South East Asia’ to do fieldwork. You need to go to Kuala Lumpur to interview X number of people over Y weeks, then the same again for Singapore and Jakarta.

Your budget list might look like this:

I’m going to do 10 interviews in Kuala Lumpur; 10 interviews in Singapore; 10 interviews in Jakarta by me.
I’ll need teaching release for three months for fieldwork.
I’ll need Flights to KL, Singapore, Jakarta and back to Melbourne.
I’ll need Accommodation for a month in each place, plus per diem.
The transcription service will transcribe the 30 interviews.
I’ll analysis the transcribed results. (No teaching release required – I’ll do it in my meagre research time allowance.)
I’ll need a Thingatron X32C to do the trials.
Thing Inc will need to install the Thingatron. (I wonder how long that will take.)
The research assistant will do three trials a month with the Thingatron.
I’ll need to hire a research assistant (1 day per week for a year at Level B1.)
The research assistant will do the statistical analysis of the Thingatron results.
I’ll do the writing up in my research allowance time.

By the end, you should feel like you have thought through the entire project in detail. You should be able to walk someone else through the project, so grab a critical friend and read the list to them. If they ask questions, write down the answers.

This will help you to get to the level of specificity you need for the next step.

2. Check the rules again

You’ve already read the funding rules, right? If not, go and read them now – I’ll wait right here until you get back.

Once you’ve listed everything you want to do, go back and read the specific rules for budgets again. What is and isn’t allowed? The funding scheme won’t pay for equipment – you’ll need to fund your Thingatron from somewhere else. Cross it off.

Some schemes won’t fund people. Others won’t fund travel. It is important to know what you need for your project. It is just as important to know what you can include in the application that you are writing right now.

Most funding schemes won’t fund infrastructure (like building costs) and other things that aren’t directly related to the project. Some will, though. If they do, you should include overheads (i.e. the general costs that your organisation needs to keep running). This includes the cost of basics like power and lighting; desks and chairs; and cleaners and security staff. It also includes service areas like the university library. Ask your finance officer for help with this. Often, it is a percentage of the overall cost of the project.

If you are hiring people, don’t forget to use the right salary rate and include salary on-costs. These are the extra costs that an organisation has to pay for an employee, but that doesn’t appear in their pay check. This might include things like superannuation, leave loading, insurance, and payroll tax. Once again, your finance officer can help with this.

Your budget list might now look like this:

10 interviews in Kuala Lumpur; 10 interviews in Singapore; 10 interviews in Jakarta by me.
Teaching release for three months for fieldwork.
Flights to KL, Singapore, Jakarta and back to Melbourne.
Accommodation for a month in each place, plus per diem, plus travel insurance (rule 3F).
Transcription of 30 interviews, by the transcription service.
Analysis of transcribed results, by me. No teaching release required.
Purchase and install Thingatron X32C, by Thing Inc . Not allowed by rule 3C . Organise access to Thingatron via partner organistion – this is an in-kind contribution to the project.
Three trials a month with Thingatron, by research assistant.
Statistical analysis of Thingatron results, by research assistant.
Research assistant: 1 day per week for a year at Level B1, plus 25.91% salary on-costs.
Overheads at 125% of total cash request, as per rule 3H.

3. Cost each item

For each item on your list, find a reasonable cost for it . Are you going to interview the fifty people and do the statistical analysis yourself? If so, do you need time release from teaching? How much time? What is your salary for that period of time, or how much will it cost to hire a replacement? Don’t forget any hidden costs, like salary on-costs.

If you aren’t going to do the work yourself, work out how long you need a research assistant for. Be realistic. Work out what level you want to employ them at, and find out how much that costs.

How much is your Thingatron going to cost? Sometimes, you can just look that stuff up on the web. Other times, you’ll need to ring a supplier, particularly if there are delivery and installation costs.

Jump on a travel website and find reasonable costs for travel to Kuala Lumpur and the other places. Find accommodation costs for the period that you are planning to stay, and work out living expenses. Your university, or your government, may have per diem rates for travel like this.

Make a note of where you got each of your estimates from. This will be handy later, when you write the budget justification.

10 interviews in Kuala Lumpur; 10 interviews in Singapore; 10 interviews in Jakarta by me (see below for travel costs).
Teaching release for three months for fieldwork = $25,342 – advice from finance officer.
Flights to KL ($775), Singapore ($564), Jakarta ($726), Melbourne ($535) – Blue Sky airlines, return economy.
Accommodation for a month in each place (KL: $3,500; Sing: $4,245; Jak: $2,750 – long stay, three star accommodation as per TripAdviser).
Per diem for three months (60 days x $125 per day – University travel rules).
Travel insurance (rule 3F): $145 – University travel insurance calculator .
Transcription of 30 interviews, by the transcription service: 30 interviews x 60 minutes per interview x $2.75 per minute – Quote from transcription service, accented voices rate.
Analysis of transcribed results, by me. No teaching release required. (In-kind contribution of university worth $2,112 for one week of my time – advice from finance officer ).
Purchase and install Thingatron X32C, by Thing Inc . Not allowed by rule 3C. Organise access to Thingatron via partner organistion – this is an in-kind contribution to the project. ($2,435 in-kind – quote from partner organisation, at ‘favoured client’ rate.)
Research assistant: 1 day per week for a year at Level B1, plus 25.91% salary on-costs. $12,456 – advice from finance officer.

Things are getting messy, but the next step will tidy it up.

4. Put it in a spreadsheet

Some people work naturally in spreadsheets (like Excel). Others don’t. If you don’t like Excel, tough. You are going to be doing research budgets for the rest of your research life.

When you are working with budgets, a spreadsheet is the right tool for the job, so learn to use it! Learn enough to construct a simple budget – adding things up and multiplying things together will get you through most of it. Go and do a course if you have to.

For a start, your spreadsheet will multiply things like 7 days in Kuala Lumpur at $89.52 per day, and it will also add up all of your sub-totals for you.

If your budget doesn’t add up properly (because, for example, you constructed it as a table in Word), two things will happen. First, you will look foolish. Secondly, and more importantly, people will lose confidence in all your other numbers, too. If your total is wrong, they will start to question the validity of the rest of your budget. You don’t want that.

If you are shy of maths, then Excel is your friend. It will do most of the heavy lifting for you.

For this exercise, the trick is to put each number on a new line. Here is how it might look.

5. Justify it

Accompanying every budget is a budget justification. For each item in your budget, you need to answer two questions:

Why do you need this money?
Where did you get your figures from?

The budget justification links your budget to your project plan and back again. Everything item in your budget should be listed in your budget justification, so take the list from your budget and paste it into your budget justification.

For each item, give a short paragraph that says why you need it. Refer back to the project plan and expand on what is there. For example, if you have listed a research assistant in your application, this is a perfect opportunity to say what the research assistant will be doing.

Also, for each item, show where you got your figures from. For a research assistant, this might mean talking about the level of responsibility required, so people can understand why you chose the salary level. For a flight, it might be as easy as saying: “Blue Sky airlines economy return flight.”

Here is an example for just one aspect of the budget:

Fieldwork: Kuala Lumpur

Past experience has shown that one month allows enough time to refine and localise interview questions with research partners at University of Malaya, test interview instrument, recruit participants, conduct ten x one-hour interviews with field notes. In addition, the novel methodology will be presented at CONF2015, to be held in Malaysia in February 2015.

Melbourne – Kuala Lumpur economy airfare is based on current Blue Sky Airlines rates. Note that airfares have been kept to a minimum by travelling from country to country, rather than returning to Australia.

1 month accommodation is based on three star, long stay accommodation rates provided by TripAdvisor.

30 days per diem rate is based on standard university rates for South-East Asia.

Pro tip: Use the same nomenclature everywhere. If you list a Thingatron X32C in your budget, then call it a Thingatron X32C in your budget justification and project plan. In an ideal world, someone should be able to flip from the project plan, to the budget and to the budget justification and back again and always know exactly where they are.

Project plan: “Doing fieldwork in Malaysia? Whereabouts?” Flips to budget.
Budget: “A month in Kuala Lumpur – OK. Why a month?” Flips to budget justification.
Budget justification: “Ah, the field work happens at the same time as the conference. Now I get it. So, what are they presenting at the conference?” Flips back to the project description…

So, there you have it: Make a list; check the rules; cost everything; spreadsheet it; and then justify it. Budget done. Good job, team!

This article builds on several previous articles. I have shamelessly stolen from them.

Constructing your budget – Jonathan O’Donnell.
What makes a winning budget ? – Jonathan O’Donnell.
How NOT to pad your budget – Tseen Khoo.
Conquer the budget, conquer the project – Tseen Khoo.
Research on a shoestring – Emily Kothe.
How to make a simple Gantt chart – Jonathan O’Donnell.

* Actually, there are some grant schemes that give you a fixed amount of money, which I think is a really great idea . However, you will still need to work out what you are going to spend the money on, so you will still need a budget at some stage, even if you don’t need it for the application.

Also in the ‘simple grant’ series:

How to write a simple research methods section .
How to make a simple Gantt chart .

Develop Your Budget

Cost considerations, budgets: getting started.

Allowable direct vs. allowable F&A costs
Modular vs. Detailed Budgets

Modular Budgets

Detailed Budget: Personnel (Sec A & B)
Detailed Budget: Equipment, Travel, and Trainee Costs (Sec C, D, and E)
Detailed Budget: Other Direct Costs (Sec F)

Consortiums/Subawards

Understanding the out years.

Other resources

As you begin to develop a budget for your research grant application and put all of the relevant costs down on paper, many questions may arise. Your best resources for answering these questions are the grants or sponsored programs office within your own institution, your departmental administrative officials, and your peers. They can answer questions such as:

What should be considered a direct cost or indirect cost?
What is the fringe benefit rate?
What is the graduate student stipend rate?
What Facilities and Administrative (F&A) costs rate should I use?

Below are some additional tips and reminders we have found to be helpful for preparing a research grant application, mainly geared towards the SF424 (R&R) application. (Note: these tips do not supersede the budget instructions found in the relevant application instruction guide found on the How to Apply - Application Guide page.

An applicant's budget request is reviewed for compliance with the governing cost principles and other requirements and policies applicable to the type of recipient and the type of award. Any resulting award will include a budget that is consistent with these requirements. Information on the applicable cost principles and on allowable and unallowable costs under NIH grants is provided in the NIH Grants Policy Statement, Section 7.2 The Cost Principles Statement under Cost Considerations /grants/policy/nihgps/HTML5/section_7/7_cost_consideration.htm . In general, NIH grant awards provide for reimbursement of actual, allowable costs incurred and are subject to Federal cost principles /grants/policy/nihgps/HTML5/section_7/7.2_the_cost_principles.htm .

The cost principles address four tests that NIH follows in determining the allowability of costs. Costs charged to awards must be allowable, allocable, reasonable, necessary, and consistently applied regardless of the source of funds. NIH may disallow the costs if it determines, through audit or otherwise, that the costs do not meet the tests of allowability, allocability, reasonableness, necessity, and consistency.

II.1 (Mechanism of Support),
II.2 (Funds Available),
III.2 (Cost Sharing or Matching), and
IV.5 (Funding Restrictions).
Identify all the costs that are necessary and reasonable to complete the work described in your proposal.
Throughout the budgeting process, round to whole dollars and use only U.S. dollars.
Reviewers look for reasonable costs and will judge whether your request is justified by your aims and methods.
Reviewers will consider the person months you've listed for each of the senior/key personnel and will judge whether the figures are in sync with reviewer expectations, based on the research proposed.
Significant over- or under-estimating suggests you may not understand the scope of the work. Despite popular myth, proposing a cost-sharing (matching) arrangement where you only request that NIH support some of the funding while your organization funds the remainder does not normally impact the evaluation of your proposal. Only a few select programs require cost-sharing, and these programs will address cost-sharing in the funding opportunity.

Direct Costs: Costs that can be identified specifically with a particular sponsored project, an instructional activity, or any other institutional activity, or that can be directly assigned to such activities relatively easily with a high degree of accuracy.

F&A Costs: Necessary costs incurred by a recipient for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. To facilitate equitable distribution of indirect expenses to the cost objectives served, it may be necessary to establish a number of pools of F&A (indirect) costs. F&A (indirect) cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived.

The total costs requested in your budget will include allowable direct costs (related to the performance of the grant) plus allowable F&A costs. If awarded, each budget period of the Notice of Award will reflect direct costs, applicable F&A, and in the case of SBIR or STTR awards, a "profit" or fee .
For most institutions the negotiated F&A rate will use a modified total direct cost base, which excludes items such as: equipment, student tuition, research patient care costs, rent, and sub-recipient charges (after the first $25,000). Check with your sponsored programs office to find out your negotiated direct cost base.
When calculating whether your direct cost per year is $500,000 or greater, do not include any sub-recipient F&A in the base but do include all other direct costs as well as any equipment costs. NOTE: Direct cost requests equal to or greater than $500,000 require prior approval from the NIH Institute/Center before application submission. For more information, see NIH Guide Notice NOT-OD-02-004 .
For many SBIR/STTR recipients, 40% of modified total direct costs is a common F&A rate, although rates at organizations may vary.

Modular versus Detailed Budgets

The NIH uses 2 different formats for budget submission depending on the total direct costs requested and the activity code used.

The application forms package associated with most NIH funding opportunities includes two optional budget forms—(1) R&R Budget Form; and, (2) PHS 398 Modular Budget Form. NIH applications will include either the R&R Budget Form or the PHS 398 Modular Budget Form, but not both. To determine whether to use a detailed versus modular budget for your NIH application, see the flowchart below.

NIH uses a modular budget format to request up to a total of $250,000 of direct costs per year (in modules of $25,000, excluding consortium F&A costs) for some applications, rather than requiring a full detailed budget. The modular budget format is NOT accepted for

SBIR and STTR grant applications,
applications from foreign (non-U.S.) institutions (must use detailed budget even when modular option is available), or
applications that propose the use of human fetal tissue (HFT) obtained from elective abortions (as defined in NOT-OD-19-128 for HFT) whether or not costs are incurred.

Creating a modular budget

Select the PHS398 Modular Budget form for your submission package, and use the appropriate set of instructions from the electronic application user's guide. You do not need to submit the SF424 (R&R) Budget form if you submit the PHS398 Modular Budget form.
Consider creating a detailed budget for your own institution's use including salaries, equipment, supplies, graduate student tuition, etc. for every year of funds requested. While the NIH will not ask for these details, they are important for you to have on hand when calculating your F&A costs base and writing your justification, and for audit purposes.
In order to determine how many modules you should request, subtract any consortium F&A from the total direct costs, and then round to the nearest $25,000 increment.

A modular budget justification should include:

Personnel Justification: The Personnel Justification should include the name, role, and number of person-months devoted to this project for every person on the project. Do not include salary and fringe benefit rate in the justification, but keep in mind the legislatively mandated salary cap when calculating your budget. [When preparing a modular budget, you are instructed to use the current cap when determining the appropriate number of modules.]
Consortium Justification: If you have a consortium/subcontract, include the total costs (direct costs plus F&A costs), rounded to the nearest $1,000, for each consortium/subcontract. Additionally, any personnel should include their roles and person months; if the consortium is foreign, that should be stated as well.
Additional Narrative Justification: Additional justification should include explanations for any variations in the number of modules requested annually. Also, this section should describe any direct costs that were excluded from the total direct costs (such as equipment, tuition remission) and any work being conducted off-site, especially if it involves a foreign study site or an off-site F&A rate.

See the NIH Modular Research Grant Applications page and the NIH Grants Policy Statement for more information.

Detailed Budget: Personnel (Sections A & B)

Personnel make up sections A and B of the SF424 (R&R) Budget form. All personnel from the applicant organization dedicating effort to the project should be listed on the personnel budget with their base salary and effort, even if they are not requesting salary support.

Effort : Effort must be reported in person months. For help converting percent effort to person months, see Usage of Person Months FAQs .
Salary Caps: NIH will not pay requested salary above the annual salary cap, which can be found at Salary Cap Summary . If salary is requested above the salary cap, NIH will reduce that line item to the salary cap, resulting in a reduced total award amount. In future years, if the salary cap increases, recipients may rebudget to pay investigator salaries up to the new salary cap, but NIH will not increase the total award amount. If you are preparing a detailed budget, you are instructed to base your request on actual institutional base salaries (not the cap) so that NIH staff has the most current information in hand at the time of award and can apply the appropriate salary cap at that time.
Fringe Benefits: The fringe benefits rate is based on your institution's policy; the NIH does not have a pre-set limit on fringe benefits. More information on what is included as fringe benefits can be found in the Grants Policy Statement at /grants/policy/nihgps/HTML5/section_12/12.8.1_salaries_and_fringe_benefits.htm . If you have questions about what rate to use, consult your institution's sponsored programs office.
Senior/Key Personnel: The Senior/Key Personnel section should include any senior or key personnel from the applicant organization who are dedicating effort to this project. "Other Significant Contributors" who dedicate negligible effort should not be included. Some common significant contributors include: 1) CEOs of companies who provide overall leadership, but no direct contribution to the research; and 2) mentors for K awardees, who provide advice and guidance to the candidate but do not work on the project. Likewise, any consultants or collaborators who are not employed by the applicant organization should not be included in section A, but rather should be included in section F.3 of the budget (for consultants) or in section A of the consortium/subaward budget page (for collaborators).
Postdoctoral Associates: Postdocs can be listed in either section A or B depending on their level of involvement in project design and execution. If listed in section B, include the individuals' names and level of effort in the budget justification section.
Other Personnel: Other personnel can be listed by project role. If multiple people share the same role such as "lab technician", indicate the number of personnel to the left of the role description, add their person months together, and add their requested salaries together. The salaries of secretarial/clerical staff should normally be treated as F&A costs. Direct charging of these costs may be appropriate where a major project or activity explicitly budgets for administrative or clerical services and individuals involved can be specifically identified with the project or activity [see Exhibit C of OMB Circular A-21 (relocated to 2 CFR, Part 220)]. Be specific in your budget justifications when describing other personnel's roles and responsibilities.

Detailed Budget: Equipment, Travel, and Trainee Costs (Sections C, D, and E)

Generally equipment is excluded from the F&A base, so if you have something with a short service life (< 1 year), even if it costs more than $5,000, you are better off including it under "supplies".
If you request equipment that is already available (listed in the Facilities & Other Resources section, for example), the narrative justification must explain why the current equipment is insufficient to accomplish the proposed research and how the new equipment's use will be allocated specifically to the proposed research. Otherwise, NIH may disallow this cost.
General purpose equipment, such as desktop computers and laptops, that will be used on multiple projects or for personal use should not be listed as a direct cost but should come out of the F&A costs, unless primarily or exclusively used in the actual conduct of the proposed scientific research.
While the application does not require you to have a price quote for new equipment, including price quotes in your budget justification can aid in the evaluation of the equipment cost to support the project.
Trainee Costs: Leave this section blank unless otherwise stated in the funding opportunity. Graduate student tuition remission can be entered in section F.8.

Detailed Budget: Other Direct Costs (Section F)

Materials and Supplies: In the budget justification, indicate general categories such as glassware, chemicals, animal costs, including an amount for each category. Categories that include costs less than $1,000 do not have to be itemized.
Animal Costs: While included under "materials and supplies", it is often helpful to include more specific details about how you developed your estimate for animal costs. Include the number of animals you expect to use, the purchase price for the animals (if you need to purchase any), and your animal facility's per diem care rate, if available. Details are especially helpful if your animal care costs are unusually large or small. For example, if you plan to follow your animals for an abnormally long time period and do not include per diem rates, the reviewers may think you have budgeted too much for animal costs and may recommend a budget cut.
Publication Costs: You may include the costs associated with helping you disseminate your research findings from the proposed research. If this is a new application, you may want to delay publication costs until the later budget periods, once you have actually obtained data to share.
Consultant Services: Consultants differ from Consortiums in that they may provide advice, but should not be making decisions for the direction of the research. Typically, consultants will charge a fixed rate for their services that includes both their direct and F&A costs. You do not need to report separate direct and F&A costs for consultants; however, you should report how much of the total estimated costs will be spent on travel. Consultants are not subject to the salary cap restriction; however, any consultant charges should meet your institution's definition of "reasonableness".
ADP/Computer Services: The services you include here should be research specific computer services- such as reserving computing time on supercomputers or getting specialized software to help run your statistics. This section should not include your standard desktop office computer, laptop, or the standard tech support provided by your institution. Those types of charges should come out of the F&A costs.
Justify basis for costs, itemize by category.
Enter the total funds requested for alterations and renovations. Where applicable, provide the square footage and costs.
If A&R costs are in excess of $300,000 further limitations apply and additional documentation will be required.
The names of any hospitals and/or clinics and the amounts requested for each.
If both inpatient and outpatient costs are requested, provide information for each separately.
Provide cost breakdown, number of days, number of patients, costs of tests/treatments.
Justify the costs associated with standard care or research care. (Note: If these costs are associated with patient accrual, restrictions may be justified in the Notice of Award.) (See NIH Grants Policy Statement NIH Grants Policy Statement, Research Patient Care Costs )
Tuition: In your budget justification, for any graduate students on your project, include what your school's tuition rates are. You may have to report both an in-state and out-of-state tuition rate. Depending on your school stipend and tuition levels, you may have to budget less than your school's full tuition rate in order to meet the graduate student compensation limit (equivalent to the NRSA zero-level postdoctorate stipend level).
Human Fetal Tissue (HFT) from elective abortions: If your application proposes the use of human fetal tissue obtained from elective abortions (as defined in NOT-OD-19-128 ), you must include a line item titled “Human Fetal Tissue Costs” on the budget form and an explanation of those costs in the budget justification.
Other: Some types of costs, such as entertainment costs, are not allowed under federal grants. NIH has included a list of the most common questionable items in the NIH Grants Policy Statement ( /grants/policy/nihgps/HTML5/section_7/7_cost_consideration.htm ). If NIH discovers an unallowable cost in your budget, generally we will discount that cost from your total award amount, so it is in your best interest to avoid requesting unallowable costs. If you have any question over whether a cost is allowable, contact your sponsored programs office or the grants management specialist listed on the funding opportunity.

If you are using the detailed budget format, each consortium you include must have an independent budget form filled out.

In the rare case of third tier subawards, section F.5 "subawards/consortium/contractual" costs should include the total cost of the subaward, and the entire third tier award is considered part of the direct costs of the consortium for the purposes of calculating the primary applicant's direct costs.
Cost Principles. Regardless of what cost principles apply to the parent recipient, the consortium is held to the standards of their respective set of cost principles.
Consortium F&A costs are NOT included as part of the direct cost base when determining whether the application can use the modular format (direct costs < $250,000 per year), or determining whether prior approval is needed to submit an application (direct costs $500,000 or more for any year). NOTE: The $500K prior approval policy does not apply to applications submitted in response to RFAs or in response to other funding opportunities including specific budgetary limits above $500K.
F&A costs for the first $25,000 of each consortium may be included in the modified total direct cost base, when calculating the overall F&A rate, as long as your institution's negotiated F&A rate agreement does not express prohibit it.
If the consortium is a foreign institution or international organization, F&A for the consortium is limited to 8%.
Consortiums should each provide a budget justification following their detailed budget. The justification should be separate from the primary recipient's justification and address just those items that pertain to the consortium.
We do not expect your budget to predict perfectly how you will spend your money five years down the road. However, we do expect a reasonable approximation of what you intend to spend. Be thorough enough to convince the reviewers that you have a good sense of the overall costs.
In general, NIH does not have policy on salary escalation submitted in an application. We advise applicants to request in the application the actual costs needed for the budget period and to request cost escalations only if the escalation is consistent with institutional policy. See Salary Cap Summary and https://grants.nih.gov/faqs#/fy2012_salary_cap_faqs.htm .
Any large year-to-year variation should be described in your budget justification. For example, if you have money set aside for consultants only in the final year of your budget, be sure to explain why in your justification (e.g. the consultants are intended to help you with the statistical interpretation of the data and therefore are not needed before the final year).
In general, NIH recipients are allowed a certain degree of latitude to rebudget within and between budget categories to meet unanticipated needs and to make other types of post-award changes. Some changes may be made at the recipient's discretion as long as they are within the limits established by NIH. In other cases, NIH prior written approval may be required before a recipient makes certain budget modifications or undertakes particular activities (such as change in scope). See NIH Grants Policy Statement - Changes in Project and Budget .

Other resources to help you create your budget

This page last updated on: September 11, 2019

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Creating a Budget

In general, while your research proposal outlines the academic significance of your study, the budget and budget narrative show that you have an understanding of what it will cost for you to be able to perform this research. Your proposed budget should identify all the expenses that are necessary and reasonable for the success of your project—no more and no less. The Office of Undergraduate Research understands that estimates, by definition, are imprecise, yet we encourage students applying for funding to research all aspects of their budgets with honest diligence.

If your research requires you to be in the field or in another city, state, or country, travel expenses may include transportation (airline, train, taxi, etc.), passport and visa fees, as well as fees for any vaccinations you may need to travel. Be sure to include anticipated major incidental expenses, such as printing, copying, fees for accessing archives, etc.

Please note that our funding restrictions prevent us from providing support for lab materials, equipment, software, hardware, etc.

Keep in mind these tips:

Convert all foreign currency figures to U.S. dollars.

Round all figures to whole dollars.

Make sure your budget and your proposal are consistent.

Identify areas where you are making efforts to save money!

Browse through these sample budgets for a better idea of how to outline your expenses and contact us if you have questions!

Sample Budget 1

Sample Budget 2

Sample Budget 3

Sample Budget 4

Develop a research budget
Research Expertise Engine
Precursors to research
Funding & award opportunities
Grants vs contracts
Sample Applications Library
Factors to consider
Internal Approval (formerly SFU Signature Sheet)
Develop a research proposal
Institutional support
Review & submission
Award & approval
Award management
Contracts & agreements
Inventions & commercialization
Ethics - human research
Ethics - animal research
Research safety
Mobilizing Research
Prizes & awards
Training & events
Forms & documents

Budgets should provide the sponsor with an accurate assessment of all cost items and cost amounts that are deemed necessary and reasonable to carry out your project. They should be based upon your description or the statement of work. Budget justification provides more in-depth detail and reason for each cost and is often considered by reviewers as a good indicator of the feasibility of the research.

A research budget contains both direct costs and indirect costs (overhead), but the level of detail varies from sponsor to sponsor. The first step in developing a budget is to carefully read the guidelines of the funding opportunity being pursued.

There is no magic formula available for developing a budget but there are some basic steps to follow in order to develop an accurate budget:

Define project tasks, timelines and milestones and determine the actual resources and costs required to complete these. Consider whether contingencies are needed (and confirm they are eligible expenses).
Determine the eligible expense categories and maximum amount allowed by the sponsor. Adjust scope of the project to make sure proposed activities fit within the allowance.
Categorize these costs (e.g., salaries, supplies, equipment…) per year, in some cases by quarter.
Ensure that project scope and budget match. Include indirect costs of research as permitted by sponsor and the University policy.

The examples below developed by the University of British Columbia demonstrate two ways to include indirect costs in your budget.

Price model: Indirect cost is built into each budget line item.
Cost model: Indirect cost of research is presented as a separate line item.

Unless the sponsor specifies in writing that they require the indirect costs of research to be presented as a separate line item (Cost Model), the indirect cost should be built into each budget line item (Price Model). Indirect costs are normally included in the price of goods and services worldwide.

For example, you are developing a budget for a funding opportunity with an indirect cost rate of 25%. Your direct costs are $201,000 broken down by expense categories shown in the second column of the table below. The third and fourth colums present the two ways you can include the 25% overhead in your budget using the Price Model or the Cost Model, respectively:

In-kind and cash contributions, like other costs to the sponsored project, must be eligible and must be treated in a consistent and uniform manner in proposal preparation and in financial reporting.

Cash contributions

Cash contributions are actual cash transactions that can be documented in the accounting system. Examples of cash contributions include:

allocation of compensated faculty and staff time to projects, or
the purchasing of equipment by the university or other eligible sponsor for the benefit of the project.

In-kind contributions

In-kind contributions are both non-monetary or cash equivalent resources that can be given a cash value, such as goods and/or services in support of a research project or proposal. It is challenging to report on in-kind contribution, please make sure the numbers you use are well supported, consistent and easy to quantitate.

Examples of an in-kind contribution may include:

Access to unique database or information
Professional, analytical, and other donated services
Employee salaries including benefits for time allocated to the project
Study materials, technologies, or components
Patents and licenses for use
Use of facilities (e.g., lab or meeting spaces)
Partner organization time spent participating in the project
Eligible infrastructure items

Matching on sponsored projects

Some sponsored projects require the university and/or a third party to contribute a portion of the project costs–this contribution is known as matching.

Matching requirements may be in the form of an actual cash expenditure of funds or may be an “in-kind” match. For example:

A 1:1 match would require $100 of a third-party matching for every $100 received from an agency.
A 30% match would mean that of a total budget of $100, the agency would provide $70 and a third party would need to match $30.

Examples of agency programs that include some form of matching from a third party are:

NSERC Collaborative Research and Development Grants
NSERC Idea to Innovation Grants
SSHRC Partnership Grants
CIHR Industry Partnered Collaborative Research Program, and
CIHR Proof of Principle Grants

Additional resources

Current salary and benefit rates for graduate students and postdocs/research associates
SFU Business and Travel Expense Policy
Animal care services

Budget Basics Tools & Resources

Categories:

Proposal budgets and budget justifications are the financial road maps of sponsored projects. When thoughtfully and strategically built they both help propel proposals to award and pave the way for effective post-award management. Visit the ORA Budget and Budget Justifications webpage for the Stanford Detailed Budget and Budget Justification templates and resource links to help you build successful budgets and budget justifications.

Do you have sponsored project budgeting questions? Contact the ORA Client Advocacy & Education team . We're here to help!

Sample Budget Justifications

Sponsor requirements differ, and sample budget justifications should be seen only as a starting point. Guidelines for sponsor requirements are in the annotated budget justifications. Read the solicitation and the sponsor’s proposal preparation guidelines for each proposal's requirements.

For Research Sponsors

Sample Budget Justification for Non-Federal Research [DOCX] - April 6, 2023
Annotated Budget Justification - Non-Federal Research
Sample Budget Justification for Federal Research [DOCX] - April 6, 2023
Annotated Budget Justification - Federal Research

For Non-Research Sponsors:

Sample Budget Justification for Non-Federal Non-Research [DOCX] - July 29, 2022
Annotated Budget Justification - Non-Federal Non-Research
Sample Budget Justification for Federal Non-Research [DOCX] - July 29, 2022
Annotated Budget Justification - Federal Non-Research
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Proposals (applications) normally include a detailed breakdown of the financial support being requested from a sponsor. A proposal budget is a best estimate of the costs requested to complete a project. Budgets should be prepared with as much detail as possible.

Projects costs are usually broken down into direct and indirect cost categories. Direct costs are those that can be directly attributable to a specific project. Indirect costs are those costs incurred by an institution for facilities and administration of sponsored projects that can not be directly attributable to a specific project. Both are real costs that must be included in a budget.

F & A Rates

Budgets for applications to federal agencies must reflect the appropriate rates as established in the negotiated F & A Rate Agreement . Applications to non-federal entities should reflect appropriate rate.

Budget justification

Written explanations for the inclusion of items such as equipment purchases, travel, and subawards are normally required along with a formatted budget. Budget Justification pages should be as specific as possible. Specific products and potential vendors should be identified whenever possible.

Multi-year projects

Unless otherwise indicated in an agency’s guidelines, a proposal for a project that is expected to be funded for more than one year should include an itemized budget for each year. One should employ the same format for each year and prepare a cumulative summary budget for the entire proposed project period. The summary page should be in the same format as the annual budget, with all the costs combined. Note that PHS does not require an itemized budget for each year.

Make sure to indicate the dates covered by each budget year at the top of each budget page.

Budget for a research proposal

PMID: 8485177
DOI: 10.1097/00001610-199304000-00006

As a result of the growing consumer demand to cut health care costs, employing institutions cannot be expected to finance research studies. Therefore, outside funding must be found. The proposal budget is critical to the success of a study. A reviewer can determine much about the principal investigator's ability to conduct the proposed study by scrutinizing the budget; therefore, the budget should not be treated as an afterthought. A good budget consists of three separate parts: the budget, the budget explanation, and a section in the narrative devoted to the budget. Ask for the funds that are needed to complete the study and then justify the need. The goal of a good budget is to answer the reviewers' questions before they occur.

Nursing Research*
Research Design
Research Support as Topic / economics*

Free Budget Proposal Templates

By Andy Marker | August 5, 2021

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We’ve compiled the most useful free budget proposal templates for organizations, project managers, grant writers, researchers, team members, and other stakeholders. You’ll also find helpful details for filling out these templates.

Included on this page, you’ll find a sample proposal budget template , a project proposal budget template , a grant proposal budget template , and a budget increase proposal template .

Budget Proposal Template

Download Budget Proposal Template

Microsoft Excel | Google Sheets | Adobe PDF

Use this universal budget proposal template to account for all the necessary resources in your organization’s operations or individual projects. Fill in proposed line-item amounts for staff salaries, benefits, equipment, professional services, memberships, occupancy expenses, and travel costs. This customizable template is the perfect tool to define any expenses an organization or project might incur, and to propose allocation of those resources.

Sample Proposal Budget Template

Download Sample Proposal Budget Template

Microsoft Excel | Microsoft Word | Adobe PDF | Google Sheets | Google Docs

Take the guesswork out of creating a budget proposal with this sample proposal budget template, which comes with pre-filled example data. The template includes editable, auto-tallying sections to list details of your organization’s salaries, benefits, professional services, rent, telephone, internet services, and equipment costs. The pre-built line-item amounts help provide an accurate budget proposal to estimate your total funding requirements.

Project Proposal Budget Template

Download Project Proposal Budget Template

Microsoft Excel | Google Sheets

A project proposal budget helps you to stay on top of your individual and interrelated budgets, so that all stakeholders have the correct financial details on hand. Use the unique budget planning capabilities of this template to get the big picture of proposed project-by-project budgets. This template focuses on ensuring that your proposed budget calculations (including specific tasks and subtasks) accurately account for material, labor, and fixed costs. Use the template to monitor the difference between your proposed and actual budget amounts.

Read our project proposal templates article to find additional templates and learn more about getting the most out of your project proposals.

Sample Project Proposal Budget Template

Download Sample Project Proposal Budget Template

Use this project proposal budget template to guide project sponsors and other stakeholders through the financial details of your project. The template includes sample project proposal budget data with task-by-task budget specifics, which you can use to compare your projects’ proposed budget figures against actual budgeting, to arrive at a precise under/over balance. This pre-populated budget proposal template includes item-by-item proposed costs and balance tallies to ensure you plan an adequate, project-specific budget proposal.

Annual Budget Proposal Template

Download Annual Budget Proposal Template

Keep accurate tabs on your proposed budget vs. actual funding with this easy-to-fill, 12-month annual budget proposal template. Enter anticipated revenue, cost of goods sold (COGS), sales and marketing costs, labor costs, admin and general expenses, and earnings before interest and taxes (EBIT). Factor in anticipated cash, accounts receivable, inventory, and long-term debt to gain quarterly and annual insight into your organization’s proposed, time-sensitive budget.

Research Proposal Budget Template

Download Research Proposal Budget Template

Microsoft Excel | Google Sheets | Adobe PDF

An itemized list of expected budget costs is one of the most valuable documents that you can provide to key stakeholders in order to clinch funding for your research. Document individual salaries and wages, potential travel costs, supplies, equipment, and other costs to create a credible picture of what the research expenditures will entail. Expedite the process of obtaining funding with this research proposal budget template, which includes a line-by-line breakdown of proposed expenses, and how they affect your potentially available financing.

Grant Proposal Budget Template

Download Grant Proposal Budget Template

Microsoft Excel | Google Sheets

Use this comprehensive grant proposal budget template to ensure you’ve accounted for every item in the proposal. Enter unique funding revenue ID numbers and itemized budget details, and the template will automatically calculate proposed budget totals. Year-by-year columns provide a long-term picture of your grant funding requests, and also allow you to track various contributors’ endowments.

To learn more about the importance of winning bids with budget proposals, read our article on free grant proposal templates , as well as our roundup of free bid proposal templates .

Budget Increase Proposal Template

Download Budget Increase Proposal Template

Quantify a suggested budget increase with this unique template that compares your current budget to the proposed increased budget, in order to arrive at accurate over/under amounts. Enter line-by-line costs (tasks and subtasks) and the template will automatically calculate a subtotal, as well as a proposed budget amount increase. This template also provides ample space to include details about multiple projects, as well as materials, labor, and fixed costs.

To learn more about business budget templates, see our collection of free business budget templates for any company . For more annual business budget templates, please refer to this article . We also offer a great variety of business templates for small businesses , startups , nonprofit organizations , as well as operating budget templates , that can be used across all industries.

Why You Need a Budget Proposal Template

A budget proposal template documents the suggested financial budget plan for an organization, project, research, or grant. Rather than starting from scratch, you can leverage the pre-filled criteria in a budget proposal template to gain insight into the accuracy of anticipated expenses and revenue sources.

A budget proposal template offers visibility into your organization’s or project’s projected financial picture. Templates provide an easy-to-use list of projected expenditures and expected revenue, so that you can compare any difference in your budgeted and actual amounts. You can also enter projected budget amounts for line items, such as planned salaries, equipment, professional services, occupancy, telephone, internet, and travel expenses.

While budget proposal templates are useful for anticipating expenses and revenue, you can also assess a budget’s feasibility by comparing budgeted with actual amounts. This information can help you recalibrate a budget proposal to align with actual costs and revenue for a more accurate budget.

Tips for Using a Budget Proposal Template

When filling out a budget proposal template, ensure that you account for an organization’s or project’s proposed expenditures. Most budget proposal templates include the following pre-populated sections:

Salaries: This amount appears as a line-by-line account of anticipated labor-related expenses (e.g., salaries, bonuses, benefits, insurance, etc.).
Equipment Costs: This section refers to projected equipment expenditures, such as computers, a server, a website, a copier, etc.
Professional Services: Include any anticipated professional services (e.g., legal, payroll, insurance, training, bookkeeping, etc.) in this section.
Professional Memberships: Use this field to enter employees’ membership costs for any professional organizations, associations, or societies.
Office Space: Enter any planned occupancy costs (e.g., rent, electricity, water, internet, security, office supplies, etc.) for your organization.
Telephone/Internet: This template section covers detailed costs for cell phone, landline, and internet service.
Travel: Use this section to enter any travel-related costs (e.g., lodging, meals, transportation, etc.) as well as any employer-financed transit expenses.
Sales and Marketing Costs: Include any sales or marketing-related expenses to promote your organization or project.

A budget template helps take the guesswork out of operational costs compared to available resources, so that you are able to justify your anticipated expenditures, whether for a specific project or the organization at large. It’s important to remember to enter one-time costs in a budget proposal. Additional expenditures, such as seasonal costs and promotional events, can also make an impact, so be sure to account for those in your budget. While you may have unique budget proposal items, templates are customizable, and allow you to enter tailored budget line-items to fit your needs.

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Top 7 Research Budget Templates with Samples and Examples

Tejas Prasanna

There is no magic formula for creating a research budget. Depending on the kind of research and the potential changes it can bring about, careful planning and allocation is necessary. Budgets can, thus, vary depending on the sponsors, besides other factors. However, every research budget has some essential guidelines.

Research budgets depend on the project deliverables, timelines, and milestones. The resources required also depend on the scope of the projects and sponsors.

Best Templates for Planning Your Research Budget

Designing a research budget is not easy. You will need to consider the resources required and categorize them according to guidelines to ensure funding is not a problem. The categories may include the project’s necessary supplies and equipment and the wages you must pay your assistants. Research budgets are allocated for a year, but you can also plan for a quarter, depending on the project.

At SlideTeam, we have taken care of all these pain points and designed content-ready presentation templates that address each of these points. You save the time, the resources, and the tedium in having to make these presentations from scratch.

What is even better is that each of the templates is 100% editable and customizable. The content-ready nature means you get a starting point and a structure to guide your presentation; the editability feature means you can customize the template to audience profile.

Let’s explore these templates now.

Template 1 - Impact matrix evaluation research solution budget

This PPT Template is the perfect solution for your research budgeting needs. The matrix suggests what solutions are essential with the help of relevant keys that assign priority levels. Priorities go from low to highest influence with increasing importance. They are color-coded, with white being the lowest and red being the highest influence. For instance, Maintain Awareness and Evaluation are red in many cases, as shown in the slide. So, that means that they bear a significant impact on the research budget. Similarly, Strategic and Budget Planning are color-coded white, which means they don't impact the research budget as much in some cases.

With the impact matrix and heatmap, mapping out your research budget will be a breeze.

Impact Matrix Evaluation Research Solution Budget

Get it now!

Template 2 Half-yearly research and development departmental budget

Research and Development departments can plan the budget required for projects for the two halves of the year using this PPT Template. The presentation template highlights areas for which you will need funding such as research and development, skills, innovation and patenting, and cooperation. You can also list your requirements for each area. For instance, under R&D and skills, you may need funding for medical research, chemical research, etc. Similarly, for innovation and patenting, you may need funding for product innovation and to cover patenting costs. Likewise, cooperation may involve setting up new laboratories and research centers. With this outlined, you can split the budget required for your research project for the two halves of the year.

Download now!

Template 3 - Budget Estimate for Research and Development Project

This presentation template for the budget estimate for your research and development project is apt for arriving at the calculation for the four quarters in a year. You can define and assign tasks as per the requirements of the project and allocate a set budget for each. The tasks may involve conducting market research and competitive analysis or be innovative or developmental. In either case, you can use this template to set a fixed budget for each task in the research project.

Get it today!

Template 4 Clinical Trial Phases with Communication and Budget Research Design for Clinical Trials

Clinical trials involve many phases, and you should let your research associates know about each step. For instance, you could post the information on the company website and provide relevant insights during the pre-trial phase. Similarly, you can offer the welcome letter and training materials during the trial start-up. During the trial, you can send newsletters to your associates, giving them relevant information and other valuable insights. All this requires funding, and you will need to allocate a budget. However, you don't need to worry, as this PPT Preset has you sorted, with dedicated sections for the pre-trial, trial start-up, during-trial, and trial-end phases. It also has communication, insights summary, and budget sections. You can use the budget section in the matrix to allot a budget for each trial phase and each section, including communication and insights.

Download here!

Template 5 Market research strategy with budget and area

The PPT Template has all the core elements required for your market research strategy, including the budget and area. This slide lets you list your clients, the items, and when to send them. You can also list background information related to your research, the aim and objectives of the project, the areas covered, and the budget.

The presentation template also provides a dedicated space to list your brands and products and a timeline for completing the research.

Market Research Strategy with Budget and Area

Template 6 - Determine Budget for Psychology Research Proposal One-Pager Sample Example Document

This presentation template is an easy-to-use tool for determining the budget required for psychology research. With this slide, you can allocate a budget for each area, including diagnostic assessment, training, technology and tools, supplies, travel, and workforce. It is a practical, hands-on template with information required to plan the budget for conducting psychological tests and evaluations. Please note that depending on your geography, taxes might or might not deserve a separate column.

Template 7 - Budgeting for Product Launch Market Research

Every company needs to conduct market research before launching a new product. The PowerPoint Presentation that you have here can help you plan the budget required for conducting such market research. It includes necessary information, including business and research objectives, priorities, methodologies, and forecasts. The presentation template also has the metrics required for the research, such as improving customer engagement, introducing new products, and increasing market share. For example, to improve customer engagement, you may be looking to improve marketing approaches and gather customer feedback. The methods you may use include conducting marketing mix studies and tests. Similarly, you may want to optimize your social media posts and profiles and conduct A/B tests when introducing new products. Improving your market share may involve analyzing the competition. You may even use this handy template for conducting market research, estimating, and forecasting budgets.

RESEARCH IS IMPORTANT BUSINESS

You can plan your research and the budget required using these templates. Remember that each new product launch has lots of research behind it. When going for a new launch, don’t just research the products and its uses, but also the markets – particularly, your target audience and how they will benefit from your brands. When allocating the budget for your research, don't forget to note your total resources and try to be as cost-effective as possible. You must consider the expected costs that you may incur and use these templates to work out a research budget that fits within your resources.

FAQs on Research Budget

What should be included in a research budget.

Research budgets should include all direct costs, and facilities and administrative costs (F&A). The facilities and administrative expenses are needed to achieve the primary objectives of the research. The project description should state the proposed budget and serve as a financial expression for the research. The idea is to ensure that the budget is comprehensive.

How do you create a research budget?

You can create a simple research budget by following these steps:

List activities that will help you carry out the research.
Check the rules for getting the funding required.
Check all costs involved.
Lay out the costs using a spreadsheet.
Justify your budget by asking why and for what you need the money and where you got your figures.

What is the role of budget in research?

A budget can provide a detailed and clear picture of the structure of the research project, not to mention that it also lets you know how well it can be managed. The research project budget usually lets you see whether it will go according to plan and if it is feasible. So, it must be complete and reasonable.

What is the average budget for a research project?

The budget for a research project depends on the type of research and the proposed difference it could make to a field of study. For instance, the average budget for a market research project may vary between $20,000 and $50,000. Similarly, larger scientific research projects may cost millions or even billions of dollars, as in pharmaceuticals.

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Funding Opportunities
Proposal Development

NSF Partnerships for Innovation (PFI) Program

OVPR is actively accepting applications for this internal competition. If you are interested in applying to this program, you must submit a pre-application through the internal competitions submission portal . Pre-application requirements are listed in the announcement below.

OVPR invites applications for the Partnerships for Innovation (PFI) Program , which offers researchers from all disciplines of science and engineering funded by NSF the opportunity to perform translational research and technology development, catalyze partnerships and accelerate the transition of discoveries from the laboratory to the marketplace for societal benefit. Stony Brook University may submit ONE application to the Research Partnerships (PFI-RP) track . There is no limit to the number of proposals that can be submitted to the Technology Translation (PFI-TT) track.

Please see below for details. If you are interested in applying to the PFI-RP track, you must submit the internal competitions form by Wednesday, February 28, 2024 . Pre-applications for internal review and selection must be uploaded to the portal as a single PDF document. The competition code for this program is LC202413.

WHAT DOES IT FUND : The PFI-RP track supports complex, multi-faceted technology development projects that are typically beyond the scope of a single researcher or institution and require a multi-organizational, interdisciplinary, synergistic collaboration.

APPLICANT REQUIREMENTS :

The PI must have the technical skills required to lead and execute the proposed research project.
PFI-RP proposals must include, without exception, a co-PI who is a member or employee of the required Industrial Partner organization. PFI-RP proposals without an Industrial Partner co-PI may be returned without review.
NSF Lineage Requirement: All proposals submitted to the PFI program must meet a lineage requirement by having NSF-supported research results in all fields of science and engineering: Principal Investigator (PI) or a co-PI must have had an NSF award that ended no more than seven (7) years prior to the full proposal deadline date or be a current NSF award recipient. The proposed technology development project must be derived from the research results and/or discoveries from this underlying NSF award.

AWARD : PFI-RP projects will be funded for up to $1,000,000 for 36 months.

SPONSOR DEADLINE: May 7, 2024

A complete pre-application should comprise of the following:

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Chapter 4: Economic Growth for Every Generation

On this page:, 4.1 boosting research, innovation, and productivity, 4.2 attracting investment for a net-zero economy, 4.3 growing businesses to create more jobs.

4.4 A Strong Workforce for a Strong Economy

Impacts report

Find out more about the expected gender and diversity impacts for each measure in Chapter 4: Economic Growth for Every Generation

To ensure every Canadian succeeds in the 21 st century, we must grow our economy to be more innovative and productive. One where every Canadian can reach their full potential, where every entrepreneur has the tools they need to grow their business, and where hard work pays off. Building the economy of the future is about creating jobs: jobs in the knowledge economy, jobs in manufacturing, jobs in mining and forestry, jobs in the trades, jobs in clean energy, and jobs across the economy, in all regions of the country.

To do this, the government's economic plan is investing in the technologies, incentives, and supports critical to increasing productivity, fostering innovation, and attracting more private investment to Canada. This is how we'll build an economy that unlocks new pathways for every generation to earn their fair share.

The government is targeting investments to make sure Canada continues to lead in the economy of the future, and these are already generating stronger growth and meaningful new job opportunities for Canadians. New jobs—from construction to manufacturing to engineering—in clean technology, in clean energy, and in innovation, are just the start. All of this, helping to attract further investment to create more opportunities, will raise Canada's productivity and competitiveness. This will create more good jobs, and in turn, raise the living standards of all Canadians.

We are at a pivotal moment where we can choose to renew and redouble our investments in the economy of the future, to build an economy that is more productive and more competitive—or risk leaving an entire generation behind. We will not make that mistake. We owe it to our businesses, to our innovators, and most of all, to the upcoming generations of workers, to make sure that the Canadian economy is positioned to thrive in a changing world.

Canada has the best-educated workforce in the world. We are making investments to ensure every generation of workers has the skills the job market, and the global economy, are looking for—and this will help us attract private investment to grow the economy (Chart 4.1). Building on our talented workforce, we are delivering, on a priority basis, our $93 billion suite of major economic investment tax credits to drive growth, secure the future of Canadian businesses in Canada, and create good jobs for generations to come.

In the first three quarters of 2023, Canada had the highest level of foreign direct investment (FDI) on a per capita basis among G7 countries, and ranked third globally in total FDI, after the U.S. and Brazil (Chart 4.2).

Chart 4.1: Stock of Foreign Direct Investment into Canada

The Canadian economy is adding new, high-paying jobs, in high-growth sectors, like clean tech, clean electricity, and scientific research and development (Chart 4.4). Budget 2024 will continue this momentum by making strategic investments that create opportunities for workers today—driving productivity and economic growth for generations to come.

Chart 4.4: Average Annual Wages in Select Industries, 2022

Canada's skilled hands and brilliant minds are our greatest resource. Capitalizing on their ideas, innovations, and hard work is an essential way to keep our place at the forefront of the world's advanced economies. Our world-class innovators, entrepreneurs, scientists, and researchers are solving the most pressing challenges of today, and their discoveries help launch the businesses of tomorrow.

Canadian researchers, entrepreneurs, and companies are the driving force of this progress—from scientific discovery to bringing new solutions to market. They also train and hire younger Canadians who will become the next generation of innovators. New investments to boost research and innovation, including enhancing support for graduate students and post-doctoral fellows, will ensure Canada remains a world leader in science and new technologies, like artificial intelligence.

By making strategic investments today in innovation and research, and supporting the recruitment and development of talent in Canada, we can ensure Canada is a world leader in new technologies for the next generation. In turn, this will drive innovation, growth, and productivity across the economy.

Key Ongoing Actions

Supporting scientific discovery, developing Canadian research talent, and attracting top researchers from around the planet to make Canada their home base for their important work with more than $16 billion committed since 2016.
Supporting critical emerging sectors, through initiatives like the Pan-Canadian Artificial Intelligence Strategy, the National Quantum Strategy, the Pan-Canadian Genomics Strategy, and the Biomanufacturing and Life Sciences Strategy.
Nearly $2 billion to fuel Canada's Global Innovation Clusters to grow these innovation ecosystems, promote commercialization, support intellectual property creation and retention, and scale Canadian businesses.
Investing $3.5 billion in the Sustainable Canadian Agricultural Partnership to strengthen the innovation, competitiveness, and resiliency of the agriculture and agri-food sector.
Flowing up to $333 million over the next decade to support dairy sector investments in research, product and market development, and processing capacity for solids non-fat, thus increasing its competitiveness and productivity.

Strengthening Canada's AI Advantage

Canada's artificial intelligence (AI) ecosystem is among the best in the world. Since 2017, the government has invested over $2 billion towards AI in Canada. Fuelled by those investments, Canada is globally recognized for strong AI talent, research, and its AI sector.

Today, Canada's AI sector is ranked first in the world for growth of women in AI, and first in the G7 for year-over-year growth of AI talent. Every year since 2019, Canada has published the most AI-related papers, per capita, in the G7. Our AI firms are filing patents at three times the average rate in the G7, and they are attracting nearly a third of all venture capital in Canada. In 2022-23, there were over 140,000 actively engaged AI professionals in Canada, an increase of 29 per cent compared to the previous year. These are just a few of Canada's competitive advantages in AI and we are aiming even higher.

To secure Canada's AI advantage, the government has already:

Established the first national AI strategy in the world through the Pan-Canadian Artificial Intelligence Strategy;
Supported access to advanced computing capacity, including through the recent signing of a letter of intent with NVIDIA and a Memorandum of Understanding with the U.K. government; and,
Scaled-up Canadian AI firms through the Strategic Innovation Fund and Global Innovation Clusters program.

Figure 4.1: Building on Canada's AI Advantage

AI is a transformative economic opportunity for Canada and the government is committed to doing more to support our world-class research community, launch Canadian AI businesses, and help them scale-up to meet the demands of the global economy. The processing capacity required by AI is accelerating a global push for the latest technology, for the latest computing infrastructure.

Currently, most compute capacity is located in other countries. Challenges accessing compute power slows down AI research and innovation, and also exposes Canadian firms to a reliance on privately-owned computing, outside of Canada. This comes with dependencies and security risks. And, it is a barrier holding back our AI firms and researchers.

We need to break those barriers to stay competitive in the global AI race and ensure workers benefit from the higher wages of AI transformations; we must secure Canada's AI advantage. We also need to ensure workers who fear their jobs may be negatively impacted by AI have the tools and skills training needed in a changing economy.

To secure Canada's AI advantage Budget 2024 announces a monumental increase in targeted AI support of $2.4 billion, including:

$2 billion over five years, starting in 2024-25, to launch a new AI Compute Access Fund and Canadian AI Sovereign Compute Strategy, to help Canadian researchers, start-ups, and scale-up businesses access the computational power they need to compete and help catalyze the development of Canadian-owned and located AI infrastructure.
$200 million over five years, starting in 2024-25, to boost AI start-ups to bring new technologies to market, and accelerate AI adoption in critical sectors, such as agriculture, clean technology, health care, and manufacturing. This support will be delivered through Canada's Regional Development Agencies.
$100 million over five years, starting in 2024-25, for the National Research Council's AI Assist Program to help Canadian small- and medium-sized businesses and innovators build and deploy new AI solutions, potentially in coordination with major firms, to increase productivity across the country.
$50 million over four years, starting in 2025-26, to support workers who may be impacted by AI, such as creative industries. This support will be delivered through the Sectoral Workforce Solutions Program, which will provide new skills training for workers in potentially disrupted sectors and communities.

The government will engage with industry partners and research institutes to swiftly implement AI investment initiatives, fostering collaboration and innovation across sectors for accelerated technological advancement.

Safe and Responsible Use of AI

AI has tremendous economic potential, but as with all technology, it presents important considerations to ensure its safe development and implementation. Canada is a global leader in responsible AI and is supporting an AI ecosystem that promotes responsible use of technology. From development through to implementation and beyond, the government is taking action to protect Canadians from the potentially harmful impacts of AI.

The government is committed to guiding AI innovation in a positive direction, and to encouraging the responsible adoption of AI technologies by Canadians and Canadian businesses. To bolster efforts to ensure the responsible use of AI:

Budget 2024 proposes to provide $50 million over five years, starting in 2024-25, to create an AI Safety Institute of Canada to ensure the safe development and deployment of AI. The AI Safety Institute will help Canada better understand and protect against the risks of advanced and generative AI systems. The government will engage with stakeholders and international partners with competitive AI policies to inform the final design and stand-up of the AI Safety Institute.
Budget 2024 also proposes to provide $5.1 million in 2025-26 to equip the AI and Data Commissioner Office with the necessary resources to begin enforcing the proposed Artificial Intelligence and Data Act .
Budget 2024 proposes $3.5 million over two years, starting in 2024-25, to advance Canada's leadership role with the Global Partnership on Artificial Intelligence, securing Canada's leadership on the global stage when it comes to advancing the responsible development, governance, and use of AI technologies internationally.

Using AI to Keep Canadians Safe

AI has shown incredible potential to toughen up security systems, including screening protocols for air cargo. Since 2012, Transport Canada has been testing innovative approaches to ensure that air cargo coming into Canada is safe, protecting against terrorist attacks. This included launching a pilot project to screen 10 to 15 per cent of air cargo bound for Canada and developing an artificial intelligence system for air cargo screening.

Budget 2024 proposes to provide $6.7 million over five years, starting in 2024-25, to Transport Canada to establish the Pre-Load Air Cargo Targeting Program to screen 100 per cent of air cargo bound for Canada. This program, powered by cutting-edge artificial intelligence, will increase security and efficiency, and align Canada's air security regime with those of its international partners.

Incentivizing More Innovation and Productivity

Businesses that invest in cutting-edge technologies are a key driver of Canada's economic growth. When businesses make investments in technology—from developing new patents to implementing new IT systems—it helps ensure Canadian workers put their skills and knowledge to use, improves workplaces, and maximizes our workers' potential and Canada's economic growth.

The government wants to encourage Canadian businesses to invest in the capital—both tangible and intangible—that will help them boost productivity and compete productively in the economy of tomorrow.

To incentivize investment in innovation-enabling and productivity-enhancing assets, Budget 2024 proposes to allow businesses to immediately write off the full cost of investments in patents, data network infrastructure equipment, computers, and other data processing equipment. Eligible investments, as specified in the relevant capital cost allowance classes, must be acquired and put in use on or after Budget Day and before January 1, 2027. The cost of this measure is estimated at $725 million over five years, starting in 2024-25.

Boosting R&D and Intellectual Property Retention

Research and development (R&D) is a key driver of productivity and growth. Made-in-Canada innovations meaningfully increase our gross domestic product (GDP) per capita, create good-paying jobs, and secure Canada's position as a world-leading advanced economy.

To modernize and improve the Scientific Research and Experimental Development (SR&ED) tax incentives, the federal government launched consultations on January 31, 2024, to explore cost-neutral ways to enhance the program to better support innovative businesses and drive economic growth. In these consultations, which closed on April 15, 2024, the government asked Canadian researchers and innovators for ways to better deliver SR&ED support to small- and medium-sized Canadian businesses and enable the next generation of innovators to scale-up, create jobs, and grow the economy.

Budget 2024 announces the government is launching a second phase of consultations on more specific policy parameters, to hear further views from businesses and industry on specific and technical reforms. This includes exploring how Canadian public companies could be made eligible for the enhanced credit. Further details on the consultation process will be released shortly on the Department of Finance Canada website.
Budget 2024 proposes to provide $600 million over four years, starting in 2025-26, with $150 million per year ongoing for future enhancements to the SR&ED program. The second phase of consultations will inform how this funding could be targeted to boost research and innovation.

On January 31, 2024, the government also launched consultations on creating a patent box regime to encourage the development and retention of intellectual property in Canada. The patent box consultation closed on April 15, 2024. Submissions received through this process, which are still under review, will help inform future government decisions with respect to a patent box regime.

Enhancing Research Support

Since 2016, the federal government has committed more than $16 billion in research, including funding for the federal granting councils—the Natural Sciences and Engineering Research Council (NSERC), the Canadian Institutes of Health Research (CIHR), and the Social Sciences and Humanities Research Council (SSHRC).

This research support enables groundbreaking discoveries in areas such as climate change, health emergencies, artificial intelligence, and psychological health. This plays a critical role in solving the world's greatest challenges, those that will have impacts for generations.

Canada's granting councils already do excellent work within their areas of expertise, but more needs to be done to maximize their effect. The improvements we are making today, following extensive consultations including with the Advisory Panel on the Federal Research Support System, will strengthen and modernize Canada's federal research support.

To increase core research grant funding and support Canadian researchers, Budget 2024 proposes to provide $1.8 billion over five years, starting in 2024-25, with $748.3 million per year ongoing to SSHRC, NSERC, and CIHR.
To provide better coordination across the federally funded research ecosystem, Budget 2024 announces the government will create a new capstone research funding organization. The granting councils will continue to exist within this new organization, and continue supporting excellence in investigator-driven research, including linkages with the Health portfolio. This new organization and structure will also help to advance internationally collaborative, multi-disciplinary, and mission-driven research. The government is delivering on the Advisory Panel's observation that more coordination is needed to maximize the impact of federal research support across Canada's research ecosystem.
To help guide research priorities moving forward, Budget 2024 also announces the government will create an advisory Council on Science and Innovation. This Council will be made up of leaders from the academic, industry, and not-for-profit sectors, and be responsible for a national science and innovation strategy to guide priority setting and increase the impact of these significant federal investments.
Budget 2024 also proposes to provide a further $26.9 million over five years, starting in 2024-25, with $26.6 million in remaining amortization and $6.6 million ongoing, to the granting councils to establish an improved and harmonized grant management system.

The government will also work with other key players in the research funding system—the provinces, territories, and Canadian industry—to ensure stronger alignment, and greater co-funding to address important challenges, notably Canada's relatively low level of business R&D investment.

More details on these important modernization efforts will be announced in the 2024 Fall Economic Statement.

World-Leading Research Infrastructure

Modern, high-quality research facilities and infrastructure are essential for breakthroughs in Canadian research and science. These laboratories and research centres are where medical and other scientific breakthroughs are born, helping to solve real-world problems and create the economic opportunities of the future. World-leading research facilities will attract and train the next generation of scientific talent. That's why, since 2015, the federal government has made unprecedented investments in science and technology, at an average of $13.6 billion per year, compared to the average from 2009-10 to 2015-16 of just $10.8 billion per year. But we can't stop here.

To advance the next generation of cutting-edge research, Budget 2024 proposes major research and science infrastructure investments, including:

$399.8 million over five years, starting in 2025-26, to support TRIUMF, Canada's sub-atomic physics research laboratory, located on the University of British Columbia's Vancouver campus. This investment will upgrade infrastructure at the world's largest cyclotron particle accelerator, positioning TRIUMF, and the partnering Canadian research universities, at the forefront of physics research and enabling new medical breakthroughs and treatments, from drug development to cancer therapy.
$176 million over five years, starting in 2025‑26, to CANARIE, a national not-for-profit organization that manages Canada's ultra high-speed network to connect researchers, educators, and innovators, including through eduroam. With network speeds hundreds of times faster, and more secure, than conventional home and office networks, this investment will ensure this critical infrastructure can connect researchers across Canada's world-leading post-secondary institutions.
$83.5 million over three years, starting in 2026-27 to extend support to Canadian Light Source in Saskatoon. Funding will continue the important work at the only facility of its kind in Canada. A synchrotron light source allows scientists and researchers to examine the microscopic nature of matter. This specialized infrastructure contributes to breakthroughs in areas ranging from climate-resistant crop development to green mining processes.
$45.5 million over five years, starting in 2024-25, to support the Arthur B. McDonald Canadian Astroparticle Physics Research Institute, a network of universities and institutes that coordinate astroparticle physics expertise. Headquartered at Queen's University in Kingston, Ontario, the institute builds on the legacy of Dr. McDonald's 2015 Nobel Prize for his work on neutrino physics. These expert engineers, technicians, and scientists design, construct, and operate the experiments conducted in Canada's underground and underwater research infrastructure, where research into dark matter and other mysterious particles thrives. This supports innovation in areas like clean technology and medical imaging, and educates and inspires the next wave of Canadian talent.
$30 million over three years, starting in 2024-25, to support the completion of the University of Saskatchewan's Centre for Pandemic Research at the Vaccine and Infectious Disease Organization in Saskatoon. This investment will enable the study of high-risk pathogens to support vaccine and therapeutic development, a key pillar in Canada's Biomanufacturing and Life Sciences Strategy. Of this amount, $3 million would be sourced from the existing resources of Prairies Economic Development Canada.

These new investments build on existing federal research support:

The Strategic Science Fund, which announced the results of its first competition in December 2023, providing support to 24 third-party science and research organizations starting in 2024-25;
Canada recently concluded negotiations to be an associate member of Horizon Europe, which would enable Canadians to access a broader range of research opportunities under the European program starting this year; and,
The steady increase in federal funding for extramural and intramural science and technology by the government which was 44 per cent higher in 2023 relative to 2015.

Chart 4.5: Federal Investments in Science and Technology

Investing in Homegrown Research Talent

Canada's student and postgraduate researchers are tackling some of the world's biggest challenges. The solutions they come up with have the potential to make the world a better place and drive Canadian prosperity. They are the future Canadian academic and scientific excellence, who will create new innovative businesses, develop new ways to boost productivity, and create jobs as they scale-up companies—if they get the support they need.

To build a world-leading, innovative economy, and improve our productive capacity, the hard work of top talent must pay off; we must incentivize our top talent to stay here.

Federal support for master's, doctoral, and post-doctoral students and fellows has created new research opportunities for the next generation of scientific talent. Opportunities to conduct world-leading research are critical for growing our economy. In the knowledge economy, the global market for these ideas is highly competitive and we need to make sure talented people have the right incentives to do their groundbreaking research here in Canada.

To foster the next generation of research talent, Budget 2024 proposes to provide $825 million over five years, starting in 2024-25, with $199.8 million per year ongoing, to increase the annual value of master's and doctoral student scholarships to $27,000 and $40,000, respectively, and post-doctoral fellowships to $70,000. This will also increase the number of research scholarships and fellowships provided, building to approximately 1,720 more graduate students or fellows benefiting each year. To make it easier for students and fellows to access support, the enhanced suite of scholarships and fellowship programs will be streamlined into one talent program.
To support Indigenous researchers and their communities, Budget 2024 also proposes to provide $30 million over three years, starting in 2024-25, to support Indigenous participation in research, with $10 million each for First Nation, Métis, and Inuit partners.

Boosting Talent for Innovation

Advanced technology development is a highly competitive industry and there is a global race to attract talent and innovative businesses. Canada must compete to ensure our economy is at the forefront of global innovation.

To spur rapid growth in innovation across Canada's economy, the government is partnering with organizations whose mission it is to train the next generation of innovators. This will ensure innovative businesses have the talent they need to grow, create jobs at home, and drive Canada's economic growth.

Budget 2024 announces the government's intention to work with Talent for Innovation Canada to develop a pilot initiative to build an exceptional research and development workforce in Canada. This industry-led pilot will focus on attracting, training, and deploying top talent across four key sectors: bio-manufacturing; clean technology; electric vehicle manufacturing; and microelectronics, including semiconductors.

Advancing Space Research and Exploration

Canada is a leader in cutting-edge innovation and technologies for space research and exploration. Our astronauts make great contributions to international space exploration missions. The government is investing in Canada's space research and exploration activities.

Budget 2024 proposes to provide $8.6 million in 2024-25 to the Canadian Space Agency for the Lunar Exploration Accelerator Program to support Canada's world-class space industry and help accelerate the development of new technologies. This initiative empowers Canada to leverage space to solve everyday challenges, such as enhancing remote health care services and improving access to healthy food in remote communities, while also supporting Canada's human space flight program.
Budget 2024 announces the establishment of a new whole-of-government approach to space exploration, technology development, and research. The new National Space Council will enable the level of collaboration required to secure Canada's future as a leader in the global space race, addressing cross-cutting issues that span commercial, civil, and defence domains. This will also enable the government to leverage Canada's space industrial base with its world-class capabilities, workforce, and track record of innovation and delivery.

Accelerating Clean Tech Intellectual Property Creation and Retention

Canadian clean technology companies are turning their ideas into the solutions that the world is looking for as it races towards net-zero. Encouraging these innovative companies to maintain operations in Canada and retain ownership of their intellectual property secures the future of their workforce in Canada, helping the clean economy to thrive in Canada.

As part of the government's National Intellectual Property Strategy, the not-for-profit organization Innovation Asset Collective launched the patent collective pilot program in 2020. This pilot program is helping innovative small- and medium-sized enterprises in the clean tech sector with the creation and retention of intellectual property.

To ensure that small- and medium-sized clean tech businesses benefit from specialized intellectual property support to grow their businesses and leverage intellectual property, Budget 2024 proposes to provide $14.5 million over two years, starting in 2024-25, to Innovation, Science and Economic Development Canada for the Innovation Asset Collective.

Find out more about the expected gender and diversity impacts for each measure in section 4.1 Boosting Research, Innovation, and Productivity

In the 21 st century, a competitive economy is a clean economy. There is no greater proof than the $2.4 trillion worth of investment made around the world, last year, in net-zero economies. Canada is at the forefront of the global race to attract investment and seize the opportunities of the clean economy, with the government announcing a net-zero economic plan that will invest over $160 billion. This includes an unprecedented suite of major economic investment tax credits, which will help attract investment through $93 billion in incentives by 2034-35.

All told, the government's investments will crowd in more private investment, securing Canadian leadership in clean electricity and innovation, creating economic growth and more good-paying jobs across the country.

Investors at home and around the world are taking notice of Canada's plan. In defiance of global economic headwinds, last year public markets and private equity capital flows into Canada's net-zero economy grew—reaching $14 billion in 2023, according to RBC. Proof that Canada's investments are working—driving new businesses to take shape, creating good jobs, and making sure that we have clean air and clean water for our kids, grandkids, and for generations to come.

Figure 4.3: Canada's Net-Zero Economy Strategy

Earlier this year, BloombergNEF ranked Canada's attractiveness to build electric vehicle (EV) battery supply chains first in the world, surpassing China which has held the top spot since the ranking began. From resource workers mining the critical minerals for car batteries, to union workers on auto assembly lines, to the truckers that get cars to dealerships, Canada's advantage in the supply chain is creating high-skilled, good-paying jobs across the country, for workers of all ages.

Figure 4.4: Bloomberg, Annual Ranking of Lithium-Ion Battery Supply Chains

This first place ranking of Canada's EV supply chains is underpinned by our abundant clean energy, high labour standards, and rigorous standards for consultation and engagement with Indigenous communities. That's what Canada's major economic investment tax credits are doing—seizing Canada's full potential, and doing it right.

By 2050, clean energy GDP could grow fivefold—up to $500 billion, while keeping Canada on track to reach net-zero by 2050. Proof, once again, that good climate policy is good economic policy.

Chart 4.6: Clean Energy GDP Growth, 2025-2050

Helping innovative Canadian firms scale-up is essential to increasing the pace of economic growth in Canada. Already, the Cleantech Group's 2023 list of the 100 most innovative global clean technology companies featured 12 Canadian companies, the second highest number of any country, behind only the U.S. The government is investing in clean technology companies to ensure their full capabilities are unlocked.

Budget 2024 announces the next steps in the government's plan to attract even more investment to Canada to create good-paying jobs and accelerate the development and deployment of clean energy and clean technology.

Carbon Capture, Utilization, and Storage investment tax credit;
Clean Technology investment tax credit;
Clean Hydrogen investment tax credit;
Clean Technology Manufacturing investment tax credit; and
Clean Electricity investment tax credit.
Since the federal government launched the Canada Growth Fund last year, $1.34 billion of capital has been committed to a world-leading geothermal energy technology company, the world's first of its kind carbon contract for difference; and to clean tech entrepreneurs and innovators through a leading Canadian-based climate fund.
Working with industry, provinces, and Indigenous partners to build an end-to-end electric vehicle battery supply chain, including by securing major investments in 2023.
Building major clean electricity and clean growth infrastructure projects with investments of at least $20 billion from the Canada Infrastructure Bank.
$3.8 billion for Canada's Critical Minerals Strategy, to secure our position as the world's supplier of choice for critical minerals and the clean technologies they enable.
$3 billion to recapitalize the Smart Renewables and Electrification Pathways Program, which builds more clean, affordable, and reliable power, and to support innovation in electricity grids and spur more investments in Canadian offshore wind.

A New EV Supply Chain Investment Tax Credit

The automotive industry is undergoing a major transformation. As more and more electric vehicles are being produced worldwide, it is essential that Canada's automotive industry has the support it needs to retool its assembly lines and build new factories to seize the opportunities of the global switch to electric vehicles. With our world-class natural resource base, talented workforce, and attractive investment climate, Canada will be an electric vehicle supply chain hub for all steps along the manufacturing process. This is an opportunity for Canada to secure its position today at the forefront of this growing global supply chain and secure high-quality jobs for Canadian workers for a generation to come.

Businesses that manufacture electric vehicles and their precursors would already be able to claim the 30 per cent Clean Technology Manufacturing investment tax credit on the cost of their investments in new machinery and equipment, as announced in Budget 2023. Providing additional support to these businesses so they choose Canada for more than one stage in the manufacturing process would secure more jobs for Canadians and help cement Canada's position as a leader in this sector.

electric vehicle assembly;
electric vehicle battery production; and,
cathode active material production.

For a taxpayer's building costs in any of the specified segments to qualify for the tax credit, the taxpayer (or a member of a group of related taxpayers) must claim the Clean Technology Manufacturing investment tax credit in all three of the specified segments, or two of the three specified segments and hold at least a qualifying minority interest in an unrelated corporation that claims the Clean Technology Manufacturing tax credit in the third segment. The building costs of the unrelated corporation would also qualify for the new investment tax credit.

The EV Supply Chain investment tax credit would apply to property that is acquired and becomes available for use on or after January 1, 2024. The credit would be reduced to 5 per cent for 2033 and 2034, and would no longer be in effect after 2034.

The EV Supply Chain investment tax credit is expected to cost $80 million over five years, starting in 2024-25, and an additional $1.02 billion from 2029-30 to 2034-35.

The design and implementation details of the EV Supply Chain investment tax credit will be provided in the 2024 Fall Economic Statement . Its design would incorporate elements of the Clean Technology Manufacturing investment tax credit, where applicable.

Delivering Major Economic Investment Tax Credits

To seize the investment opportunities of the global clean economy, we are delivering our six major economic investment tax credits. These will provide businesses and other investors with the certainty they need to invest and build in Canada. And they are already attracting major, job-creating projects, ensuring we remain globally competitive.

From new clean electricity projects that will provide clean and affordable energy to Canadian homes and businesses, to carbon capture projects that will decarbonize heavy industry, our major economic investment tax credits are moving Canada forward on its track to achieve a net-zero economy by 2050.

In November 2023, the government introduced Bill C-59 to deliver the first two investment tax credits and provide businesses with the certainty they need to make investment decisions in Canada today. Bill C-59 also includes labour requirements to ensure workers are paid prevailing union wages and apprentices have opportunities to gain experience and succeed in the workforce. With the support and collaboration of Parliamentarians, the government anticipates Bill C-59 receiving Royal Assent before June 1, 2024.

Carbon Capture, Utilization, and Storage investment tax credit: would be available as of January 1, 2022;
Clean Technology investment tax credit: would be available as of March 28, 2023; and,
Clean Hydrogen investment tax credit; and,

The government will soon introduce legislation to deliver the next two investment tax credits:

Clean Hydrogen investment tax credit: available as of March 28, 2023; and,
Clean Technology Manufacturing investment tax credit: available as of January 1, 2024.

As a priority, the government will work on introducing legislation for the remaining investment tax credits, including the new EV Supply Chain investment tax credit, as well as proposed expansions and enhancements:

Clean Electricity investment tax credit: would be available as of the day of Budget 2024, for projects that did not begin construction before March 28, 2023;
The expansion of the Clean Technology investment tax credit would be available as of November 21, 2023; and,
The expansion of the Clean Electricity investment tax credit would be available from the day of Budget 2024, for projects that did not begin construction before March 28, 2023.
Clean Technology Manufacturing investment tax credit enhancements to provide new clarity and improve access for critical minerals projects. Draft legislation will be released for consultation in summer 2024 and the government targets introducing legislation in fall 2024.
The EV Supply Chain investment tax credit : would be available as of January 1, 2024.

Given that the major economic investment tax credits will be available, including retroactively, from their respective coming into force dates, businesses are already taking action to break ground on projects that will reduce emissions, create jobs, and grow the economy. Passing the major economic investment tax credits into law will secure a cleaner, more prosperous future for Canadians today, and tomorrow.

Figure 4.5: Delivery Timeline for Major Economic Investment Tax Credits

Implementing the Clean Electricity Investment Tax Credit

As the economy grows, Canada's electricity demand is expected to double by 2050 (Chart 4.7). To meet this increased demand with a clean, reliable, and affordable grid, our electricity capacity must increase by 1.7 to 2.2 times compared to current levels (Chart 4.8). Investing in clean electricity today will reduce Canadians' monthly energy costs by 12 per cent (Chart 4.9) and create approximately 250,000 good jobs by 2050 (Chart 4.10).

Chart 4.7: Electricity Generation Requirements, 2022-2050

Canada already has one of the cleanest electricity grids in the world, with 84 per cent of electricity produced by non-emitting sources of generation. Quebec, British Columbia, Manitoba, Newfoundland and Labrador, and Yukon are already clean electricity leaders and generate nearly all of their electricity from non-emitting hydropower—and have more untapped clean electricity potential. Other regions of Canada will require major investments to ensure clean, reliable electricity grids, and the federal government is stepping up to support provinces and territories with these investments.

In Budget 2023, the government announced the new Clean Electricity investment tax credit to deliver broad-based support to implement clean electricity technologies and accelerate progress towards a Canada-wide net-zero electricity grid.

Low-emitting electricity generation systems using energy from wind, solar, water, geothermal, waste biomass, nuclear, or natural gas with carbon capture and storage.
Stationary electricity storage systems that do not use fossil fuels in operation, such as batteries and pumped hydroelectric storage.
Transmission of electricity between provinces and territories.
The Clean Electricity investment tax credit would be available to certain taxable and non-taxable corporations, including corporations owned by municipalities or Indigenous communities, and pension investment corporations.
Provided that a provincial and territorial government satisfies additional conditions, outlined below, the tax credit would also be available to provincial and territorial Crown corporations investing in that province or territory.
Robust labour requirements to pay prevailing union wages and create apprenticeship opportunities will need to be met to receive the full 15 per cent tax credit.

The Clean Electricity investment tax credit is expected to cost $7.2 billion over five years starting in 2024-25, and an additional $25 billion from 2029-30 to 2034-35.

The Clean Electricity investment tax credit would apply to property that is acquired and becomes available for use on or after the day of Budget 2024 for projects that did not begin construction before March 28, 2023. The credit would no longer be in effect after 2034. Similar rules would apply for provincial and territorial Crown corporations, with modifications outlined below.

Provincial and Territorial Crown Corporations

The federal government is proposing that, for provincial and territorial Crown corporations to access to the Clean Electricity investment tax credit within a jurisdiction, the government of that province or territory would need to:

Work towards a net-zero electricity grid by 2035; and,
Provincial and territorial Crown corporations passing through the value of the Clean Electricity investment tax credit to electricity ratepayers in their province or territory to reduce ratepayers' bills.
Direct provincial and territorial Crown corporations claiming the credit to publicly report, on an annual basis, on how the tax credit has improved ratepayers' bills.

If a provincial or territorial government satisfies all the conditions by March 31, 2025, then provincial or territorial Crown corporations investing in that jurisdiction would be able to access the Clean Electricity investment tax credit for property that is acquired and becomes available for use on or after the day of Budget 2024 for projects that did not begin construction before March 28, 2023.

If a provincial or territorial government does not satisfy all the conditions by March 31, 2025, then provincial or territorial Crown corporations investing in that jurisdiction would not be able to access the Clean Electricity investment tax credit until all the conditions have been satisfied. In this case, the Clean Electricity investment tax credit would apply to property that is acquired and becomes available for use from the date when the conditions are deemed to have been satisfied for projects that did not begin construction before March 28, 2023.

The Department of Finance Canada will consult with provinces and territories on the details of these conditions before legislation is introduced this fall.

Additional design and implementation details for the tax credit can be found in the Budget Tax Measures Supplementary Information, under "Clean Electricity investment tax credit."

Delivering Clean Electricity with Indigenous, Northern, and Remote Communities

The government has announced significant measures to advance clean electricity projects nationwide. These initiatives include the Clean Electricity investment tax credit, the Smart Renewables and Electrification Pathways Program, and strategic financing through the Canada Infrastructure Bank. Understanding the energy goals and challenges in Indigenous, Northern, and remote communities—such as moving away from diesel—the government has offered unique assistance for projects in these areas, including for planning and feasibility stages. Recent federal investments to support projects with these communities include:

Up to $535 million in Canada Infrastructure Bank financing and $50 million in funding from the Smart Renewables and Electrification Pathways Program for the 250-MW Oneida Energy storage project in Ontario, which is the largest battery storage project in the country.
$173 million in Canada Infrastructure Bank financing and $50 million in funding from the Smart Renewables and Electrification Pathways Program for the Bekevar Wind Power project, an Indigenous-led wind power project in Saskatchewan.
$14.4 million in funding to explore the feasibility of the Kivalliq Hydro Fibre Link, an innovative project that would connect northern Manitoba to southeastern Nunavut to provide electricity and internet access to five communities and one existing mine, helping to transition Northern communities off of diesel and connect them to the rest of Canada.
$9 million in funding from the Smart Renewables and Electrification Pathways Program for the Salay Prayzaan Solar project, which is 100 per cent owned by the Métis Nation of Alberta.

Implementing the Major Economic Investment Tax Credits

The government's suite of major economic investment incentives is unprecedented in Canadian history, and the government is delivering these supports on a priority basis to attract investment, create good-paying jobs, and grow the economy, while continuing to make progress in the fight against climate change.

To deliver the major economic investment tax credits, without delay, the government is boosting resources to the Canada Revenue Agency, Natural Resources Canada, and the Department of Finance Canada, which each have a role to play in delivering these support measures. To this end:

Budget 2024 proposes to provide the Canada Revenue Agency up to $90.9 million over 11 years, starting in 2024-25, to administer the new major economic investment tax credits.
Budget 2024 proposes to provide Natural Resources Canada $7.4 million over five years, starting in 2024-25, to provide expert technical advice on engineering and scientific matters related to the major economic investment tax credits and to support the administration of certain investment tax credits with the Canada Revenue Agency.
Budget 2024 proposes to provide the Department of Finance Canada $21.4 million over 11 years, starting in 2024-25, to complete the implementation, including legislation, of the major economic investment tax credits, ensure ongoing evaluation and response to emerging issues, and propose appropriate legislative amendments to the Income Tax Act and Income Tax Regulations .

The Canada Growth Fund

The Canada Growth Fund is a $15 billion arm's length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is led by Canada's world-leading public sector pension professionals. The Canada Growth Fund investments in clean energy and clean technology are already building Canada's strong, clean economy and creating good-paying jobs across the country:

On October 25, 2023, the Canada Growth Fund made its first investment—a $90 million investment in a groundbreaking geothermal energy company, Calgary's Eavor Technologies Inc., that is creating meaningful employment opportunities for Albertans and securing the Canadian future of a company at the leading-edge of the global economy.
The Canada Growth Fund's second investment was announced on December 20, 2023—a $200 million direct investment, plus complementary carbon contract offtake agreement, in a world-leading carbon capture and sequestration company, Calgary's Entropy Inc. to support the reduction of up to one million tonnes of carbon per year. This major investment will support 1,200 good jobs for Albertans and grow the company's Canadian-based activities.
The Canada Growth Fund's third investment was announced on March 25, 2024—a $50 million commitment into the Idealist Climate Impact Fund, a clean tech investment fund led by the Montréal-based Idealist Capital. The clean tech fund will manage equity investments into innovative entrepreneurs and businesses that are creating good-paying jobs and accelerating the energy transition.

Carbon Contracts for Difference

A price on pollution is the foundation of Canada's plan to build a prosperous net-zero economy. It is a system that is fair and that promotes market-driven solutions. The government recognizes the substantial demand from industry and other stakeholders for carbon contracts for difference (CCFDs) as a tool to accelerate investment in decarbonization and clean growth technologies by providing certainty around carbon pricing.

The 2023 Fall Economic Statement announced that the Canada Growth Fund will be the principal federal entity to issue CCFDs, including allocating, on a priority basis, up to $7 billion to issue all forms of contracts for difference and offtake agreements. The Canada Growth Fund is fulfilling this important role as a federal issuer of CCFDs. Building on its initial success, the Canada Growth Fund is assessing the opportunity to expand its carbon contract offerings and is developing approaches that can best serve the different carbon credit markets across Canada:

Budget 2024 announces that the Canada Growth Fund is developing an expanded range of CCFD offerings tailored to different markets and their unique risks and opportunities. The Canada Growth Fund will continue offering bespoke CCFDs and carbon offtake agreements, with a focus on provinces contributing significantly to greenhouse gas emissions reductions.
Building on the insights gained from these transactions, Budget 2024 announces the Canada Growth Fund will explore ways to broaden its approach, for example, by developing off-the-shelf contracts for certain jurisdictions and ways to offer these contracts on a competitive basis for a set amount of emissions reductions.
The Canada Growth Fund has around $6 billion remaining to continue issuing, on a priority basis, all forms of CCFDs and carbon offtake agreements. Budget 2024 announces the government will ensure that the Canada Growth Fund continues to have the resources it needs to fulfill its role as federal issuer of CCFDs. The government is also evaluating options to enhance the Canada Growth Fund's capacity to offer CCFDs, including by exploring the possibility of a government backstop of certain CCFD liabilities of the Canada Growth Fund.

CCFDs can help develop robust carbon credit markets, and the federal government has taken action to ensure their success. For example, in 2022, Environment and Climate Change Canada worked with Alberta to ensure that their TIER market was sufficiently stringent so that the projected demand for carbon credits exceeded projected supply, ensuring robust credit demand even as more major decarbonization projects get built and more credits are generated.

Credit markets are largely the responsibility of provinces, and there are opportunities to improve how these markets function. For example, commitments to maintain their industrial carbon pricing systems over the long-term, tighten the stringency of systems as necessary to avoid an oversupply of credits, publishing the price of carbon credits, and recommitting to maintain a price signal of $170 per tonne by 2030 could help improve carbon price expectations for investors. Increased credit price transparency would greatly improve market functioning and provide greater investment certainty, unlocking more decarbonization projects. It would also facilitate the Canada Growth Fund's efforts to develop off-the-shelf CCFDs and deliver more deals, much quicker across provincial carbon markets.

Budget 2024 announces that Environment and Climate Change Canada will work with provinces and territories to improve the functioning of carbon credit markets, in order to help unlock additional decarbonization projects throughout Canada.

Getting Major Projects Done

Putting Canada on a path to net-zero requires significant and sustained private sector investment in clean electricity, critical minerals, and other major projects. For these investments to be made, Canada's regulatory system must be efficient and quicker—it shouldn't take over a decade to open a new mine and secure our critical minerals supply chains.

To that end, Budget 2023 announced an intention to develop a plan to improve the efficiency of the impact assessment and permitting processes for major projects. The Ministerial Working Group on Regulatory Efficiency for Clean Growth Projects was launched to coordinate this work, and drive positive, pro-growth culture change throughout government, to ensure major project approvals come quicker. New major projects create thousands of new, good-paying jobs for Canadians, and the government is focused on getting more done.

Provide $9 million over three years, starting in 2024-25, to the Privy Council Office's Clean Growth Office to implement the recommendations of the Ministerial Working Group and reduce interdepartmental inefficiencies, including preventing fixation on well-studied and low-risk impacts, ensuring new permitting timelines are upheld throughout departments, and improving data sharing between departments to reduce redundant studies.
Launch work to establish a new Federal Permitting Coordinator within the Privy Council Office's Clean Growth Office.
Set a target of five years or less to complete federal impact assessment and permitting processes for federally designated projects, and a target of two years or less for permitting of non-federally designated projects;
Issue a Cabinet Directive to drive culture change , achieve new targets, and set out clear federal roles and responsibilities within and across departments with the objective of getting clean growth projects built in a timely and predictable manner;
Build a Federal Permitting Dashboard that reports on the status of large projects which require permits, to improve predictability for project proponents, and increase the federal government's transparency and accountability to Canadians; and,
Set a three-year target for nuclear project reviews , by working with the Canadian Nuclear Safety Commission and Impact Assessment Agency of Canada, and consider how the process can be better streamlined and duplications reduced between the two agencies.
Amend the Impact Assessment Act to respond to the October 2023 Supreme Court of Canada decision that ruled that elements of the Act are unconstitutional. The proposed amendments will ensure the Act is constitutionally sound, facilitating efficient project reviews while advancing Canada's clean growth and protecting the environment. An amended Act will provide certainty for businesses and investors through measures that include increasing flexibility in substitution of assessments to allow for collaboration and avoid interjurisdictional duplication, clarifying when joint federal-provincial review panels are possible, and allowing for earlier Agency screening decisions as to whether a full impact assessment is required after the Planning phase. The amended Act will remain consistent with the United Nations Declaration on the Rights of Indigenous Peoples Act ;
Enhance coordination across orders of government using the tools available under the Impact Assessment Act and permitting coordination mechanisms, to reduce duplication and minimize the burden of regulatory processes on project proponents and Indigenous groups; and,
Engage Northern Premiers, Indigenous communities, industry, and other partners to discuss transformative changes to their unique project review frameworks, to ensure the North is also prepared to assess and build clean growth projects.
Advance Indigenous participation in major projects, through the Indigenous Loan Guarantee Program detailed in Chapter 6, which will provide more opportunities for Indigenous communities to benefit from the significant number of natural resource and energy projects proposed to take place in their territories;
Work to establish a Crown Consultation Coordinator to ensure efficient and meaningful Crown consultation with Indigenous peoples on the issuance of federal regulatory permits to projects that do not undergo federal impact assessments. The government will consult First Nations, Inuit, Métis, and Modern Treaty and Self-Governing Indigenous partners on the design of the Crown Consultation Coordinator. The Impact Assessment Agency of Canada will continue to be the Crown consultation body for all federal decisions related to projects that undergo federal impact assessments; and,
Improve Indigenous capacity for consultation by advancing the co-development and implementation of consultation protocol agreements and resource centres, led by Crown-Indigenous Relations and Northern Affairs Canada.

More details on the Ministerial Working Group's recommendations will be published in an Action Plan in spring 2024. Additionally, further analysis of opportunities for improving the efficiency of the impact assessment process will be undertaken as part of the five-year review of the Impact Assessment Act's designated project list, which will occur later this year, following coming into force of the amended Act. This review will be undertaken in consultation with the public, including with Indigenous partners.

Getting major projects built means more jobs, in more regions across Canada, and more opportunities for the next generation of workers.

Securing the Canadian Biofuels Industry

Biofuels and biogas are renewable energy sources sustainably made from plants or biowaste, such as canola crops and landfill emissions. Not only do they generate fewer greenhouse gas emissions compared to fossil fuels, they also represent a unique opportunity for the Canadian economy. The industry supports agriculture and forestry jobs and can help decarbonize key sectors like marine, aviation, rail, and heavy industry. Canada's Clean Fuel Regulations , in place since 2022, are helping drive the production and adoption of specific biofuels in Canada.

The government is proposing new measures to support biofuels production in Canada, with a focus on renewable diesel, sustainable aviation fuel, and renewable natural gas, aiming to capitalize on the increasing demand for these fuels and strengthen Canada's position in the market. Budget 2024 announces:

The government's intention to disburse up to $500 million per year from Clean Fuel Regulations compliance payment revenues to support biofuels production in Canada, subject to sufficient compliance payments being made to the federal government. More details will be announced in the 2024 Fall Economic Statement .
The government will also retool the Clean Fuels Fund to deliver funding faster, and extend the Fund for an additional four years, until 2029-30. With reprofiled funding proposed through this extension, a total of $776.3 million will be available to be deployed from 2024-25 to 2029-30 to support clean fuel projects. The program will shift to a continuous intake process, and streamlined negotiations and decision-making processes will expedite delivery. By the end of this year, Natural Resources Canada will launch another call for proposals under the extended Clean Fuels Fund.
The Canada Infrastructure Bank will invest at least $500 million in biofuels production under its green infrastructure investment stream.

Advancing Nuclear Energy, Nuclear Research, and Environmental Remediation

Non-emitting, nuclear energy is one of the key tools in helping the world reach net-zero emissions by 2050. Canada stands out as one of the few countries to have developed and deployed its own nuclear technology, the CANDU. And the robust Canadian supply chains built around CANDU not only generate high-skilled jobs and foster research and development but also play a role in creating affordable and clean electricity. Canada's nuclear sector also produces medical isotopes essential for radiation therapy and diagnosing heart disease.

Canada is a Global Nuclear Energy Leader

Over the last few years, the government has announced significant investments and action to advance nuclear energy:

Large Reactors:

Canada has committed up to $3 billion in export financing to Romania to support the construction of two new CANDU reactors, reducing Romania's reliance on Russian energy while boosting their own energy security and their neighbours', all while supporting Canadian jobs. Canadian supply chains will participate in the construction and maintenance of these reactors over their multi-decade operating life.
The government announced $50 million in funding to support Bruce Power's large nuclear expansion.

Small Modular Reactors (SMRs):

The Canada Infrastructure Bank announced a $970 million investment to support Ontario Power Generation in building the first grid-scale SMR among G7 nations at Darlington.
The Strategic Innovation Fund has committed $94.7 million to accelerate the development of three different next generation SMR designs.
The government announced $74 million in funding to support SaskPower's SMR development.
The government announced $120.6 million to enable the deployment of SMRs through various activities such as building regulatory capacity.

Major Economic Investment Tax Credits:

The Clean Electricity and Clean Technology Manufacturing investment tax credits announced in Budget 2023 would support investments in nuclear electricity generation, nuclear power supply chains, and nuclear fuel production, which are part of the solution for a clean economy transition.

Sustainable Finance:

The government updated its Green Bond Framework to make certain nuclear energy expenditures eligible.

Budget 2024 is announcing new measures to help get nuclear projects built in a timely, predictable, and responsible fashion.

Canadian Nuclear Laboratories conducts nuclear science research that helps advance clean energy and medical technologies, as well as environmental remediation and waste management of historic nuclear sites. This work is overseen by Atomic Energy of Canada Limited, a Crown corporation responsible for enabling nuclear science and technology and ensuring environmental protection at nuclear sites.

Budget 2024 proposes to provide $3.1 billion over 11 years, starting in 2025-26, with $1.5 billion in remaining amortization, to Atomic Energy of Canada Limited to support Canadian Nuclear Laboratories' ongoing nuclear science research, environmental protection, and site remediation work.

Canada-U.S. Energy Transformation Task Force

On March 24, 2023, the Canada-U.S. Energy Transformation Task Force was launched by Prime Minister Trudeau and President Biden, as a one-year joint initiative to support our collective energy security and economic growth as we transition to a clean energy future. Canada is pleased to announce the renewal of the Energy Transformation Task Force for an additional year.

Since its creation, the Energy Transformation Task Force has driven significant progress towards more secure and resilient Canada-U.S. supply chains for critical minerals, nuclear fuels, and green steel and aluminum.

Canada is a global leader in the supply of responsibly sourced critical minerals. The government is investing $3.8 billion through the Canadian Critical Minerals Strategy to further develop Canadian value chains for critical minerals needed for our green and digital economy, including the new Critical Mineral Exploration Tax Credit. The Strategy will be further enabled by enhancements to the Clean Technology Manufacturing investment tax credit, and Canada's new Electric Vehicle Supply Chain investment tax credit.

Canada is building on our strong partnership with the U.S. on critical minerals, underpinned by the Canada-U.S. Joint Action Plan on Critical Minerals Collaboration. Under the Energy Transformation Task Force, we have redoubled efforts to address issues of mutual concern such as bolstering supply security for critical minerals. Our government will continue to work in close collaboration with industry partners and our allies to support cross-border priority critical mineral projects that advance our shared interests.

Nuclear energy will play a key role in achieving net-zero greenhouse gas emissions. Canada is a Tier-1 nuclear nation with over 70 years of technological leadership, including our own national reactor technology, and a strong domestic supply chain that includes the world's largest deposit of high-grade natural uranium. Our government is taking action to support the growth of nuclear energy, including through the Clean Electricity investment tax credit, the Clean Technology Manufacturing investment tax credit, the Strategic Innovation Fund, the Canada Infrastructure Bank, and an updated Green Bond Framework that includes certain nuclear expenditures.

At COP28, the government and likeminded partners reaffirmed their commitment to triple nuclear energy capacity and promote public-private investment to strengthen supply chains and reduce reliance on non-allied countries for nuclear fuel needed for advanced and conventional nuclear energy. Through the Energy Transformation Task Force, Canada will continue to engage industry and international partners with a view to announcing concrete measures later this spring to bolster North American nuclear fuel supply chains.

Canadian steel and aluminum—among the greenest in the world—are important pillars of integrated North American manufacturing supply chains and key products to support the net-zero transition. We have invested significantly to further decarbonize our steel and aluminum sectors and to maintain their competitiveness in the green economy. As well, earlier this year, our government announced actions to increase the transparency of steel import data that will help provide more details on the origins of imported steel and align our practice with the U.S. We will continue to collaborate with the U.S. to promote common approaches for trade in low emissions green steel and aluminum goods.

Canada will continue to advance its work in partnership with the U.S., to reduce our shared exposure to production and supply chains controlled by non-likeminded countries, including by attracting investment in EV supply chains, solar, and more.

Clean Growth Hub

The Clean Growth Hub is the federal government's main source of information and advice on federal funding and other supports for clean technology projects in Canada. It directly supports up to 1,100 companies and organizations every year, ranging from emerging small businesses to Canada's world-leading clean tech companies.

Together, Innovation, Science and Economic Development Canada and Natural Resources Canada partner with 16 other departments and agencies to offer this one-stop shop to help businesses seeking to invest in Canada and create net-zero growth navigate the federal government's numerous clean economy programs and incentives—unlocking new investment and creating good jobs for Canadian workers.

To continue supporting clean technology stakeholders to identify and access relevant support and advice, Budget 2024 proposes to provide $6.1 million over two years, starting in 2024-25, for the Clean Growth Hub.

Made-in-Canada Sustainable Investment Guidelines

The government recognizes the importance of promoting credible climate investment and combating greenwashing, to protect the integrity and fairness of the clean economy. This is critical for fostering investor confidence and mobilizing the private investment that Canada needs to help achieve a net-zero by 2050 economy.

As announced in the 2023 Fall Economic Statement, the Department of Finance Canada is working with Environment and Climate Change Canada and Natural Resources Canada to undertake next steps, in consultation with regulatory agencies, the financial sector, industry, and independent experts, to develop a taxonomy that is aligned with reaching net-zero by 2050.

This work is being informed by the Sustainable Finance Action Council's Taxonomy Roadmap Report, which provided the government with recommendations on the design of a taxonomy to identify economic activities that the financial sector could label as "green" or "transition." The government will provide an update on the development of a Canadian taxonomy later this year.

Find out more about the expected gender and diversity impacts for each measure in section 4.2 Attracting Investment for a Net-Zero Economy

Small- and medium-sized businesses are an integral engine of Canada's economy, and they employ about 64 per cent of Canadian workers. Entrepreneurs, local small business, start-ups, growing medium-sized businesses—everywhere in Canada, there are people with good ideas, ready to grow their businesses and create good jobs. The government is ensuring Canada's investment climate sets businesses up for success.

For economic growth to reach the pace that is needed, existing businesses need support to stay competitive and scale-up. The government is taking action to help businesses scale-up their technological innovations, and implement productivity-raising technology across the economy. By cutting red tape, new and existing businesses can grow faster. Boosting access to financing from financial Crown corporations and encouraging Canada's large public pension funds to put their investments to work here at home will unlock new growth opportunities for Canadian businesses.

Through Budget 2024, the government is making it easier for new businesses to start-up and for existing businesses to grow by cutting red tape, and providing the tools businesses need to scale-up. The government is also taking steps to have Canadian public institutions and Crown corporations put their capital to work here at home and seize opportunities to increase Canada's growth and productivity.

The federal government has set up a range of programs and initiatives to help small and medium businesses thrive, and foster economic growth, including:

Supporting small- and medium-sized businesses to hire 55,000 first year apprentices in construction and manufacturing Red Seal Trades through a grant of $5,000 towards upfront costs, such as salaries and training.
Maintaining the lowest marginal effective tax rate (METR) in the G7, and a 5.2 percentage point competitive advantage over the average U.S. METR, to ensure Canada is a competitive place to do business.
Secured commitments with Visa and Mastercard to lower credit card interchange fees for small businesses while protecting reward programs for consumers. These reductions are expected to save eligible Canadian small businesses approximately $1 billion over five years.
Budget 2022 cut taxes for Canada's growing small businesses by more gradually phasing out their access to the small business tax rate.
Ongoing support for small- and medium-sized businesses through Canada's seven Regional Development Agencies, including over $3.7 billion since 2018 to help businesses scale-up and innovate through the Regional Economic Growth through Innovation program.
Almost $7 billion since 2018 for the Women Entrepreneurship Strategy to help women-owned businesses access the financing, networks, and expertise they need to start-up, scale-up, and access new markets.
Enhancements to the Canada Small Business Financing Program, increasing annual financing to small businesses by an estimated $560 million.
Up to $265 million for the Black Entrepreneurship Program to help Black business owners and entrepreneurs succeed and grow their businesses.
$150 million investment in the Indigenous Growth Fund, to help recruit other investors, and in turn provide a long-term source of capital to support continued success for Indigenous businesses.
$49 billion in interest-free, partially forgivable loans of up to $60,000 to nearly 900,000 small businesses and not-for-profit organizations through the Canada Emergency Business Account (CEBA).

National Regulatory Alignment

Barriers to internal trade are preventing Canada from reaching its economic potential. These barriers, most commonly the 13 different sets of regulations for each province and territory, hold back businesses from trading across provincial and territorial borders, restrict workers from moving between provinces and territories, and can increase costs for businesses as they work to overcome regulatory hurdles.

By addressing barriers to internal trade, including harmonizing regulations between provinces and territories, we can create more opportunities for Canadian businesses to grow and make life more affordable for all Canadians through greater competition and consumer choice. According to the International Monetary Fund, Canada could increase its gross domestic product (GDP) per capita by as much as 4 per cent—or $2,900 per capita estimated in 2023 dollars through the reduction of internal trade barriers for interprovincial trade of goods.

In 2022, the federal government launched the Federal Action Plan to Strengthen Internal Trade , which is guiding work with the provinces and territories to cut red tape. This includes a rigorous assessment of remaining federal exceptions in the Canadian Free Trade Agreement (CFTA) and important investments in trade data and research.

Two significant milestones have now been reached, with further actions upcoming in 2024:

The removal and streamlining of one third of all federal exceptions in the CFTA. This means the removal of 14 exceptions related to procurement that will provide Canadian businesses more opportunities to compete to deliver government goods and services. By the end of 2024, the federal government will publicly release the rationale for all remaining exceptions, and encourages provinces and territories to do the same.
The launch of the new Canadian Internal Trade Data and Information Hub on April 3, 2024. The Hub is an open and accessible data platform that will provide governments, businesses, and workers with timely, free information to help them make choices about where to invest and where to work. The Hub will help shine a light on where labour mobility barriers are highest and where unnecessary red tape costs businesses time and money.

The federal government is committed to working with provinces and territories to ensure goods, services, and workers move seamlessly across the country by advancing the mutual recognition of regulatory standards and eliminating unnecessary red tape for full labour mobility in the construction, health, and child care sectors.

Budget 2024 announces that the government will launch the first-ever Canadian Survey on Interprovincial Trade in June 2024, to engage thousands of Canadian businesses on the challenges they face when buying, selling, and investing across provincial and territorial borders. The survey's insights will help identify top interprovincial barriers so that they can be eliminated.

As detailed in Chapter 1, the federal government is also leveraging federal housing financing to encourage provinces and territories to align their building codes, including to support modular housing construction, to make it easier to build more homes, faster.

The federal government will announce further progress to align the regulatory environment across the country in due course.

The New Canada Carbon Rebate for Small Businesses

Canada's small- and medium-sized businesses keep main streets flourishing across the country, create jobs, and deliver the dream of entrepreneurship. It is essential that these businesses thrive so they can continue being the bedrock of our communities and our economy.

Pollution has a cost, one which will only rise this century as climate change causes intensifying natural disasters and more severe health effects, as detailed in Chapter 5. Canada's carbon pricing system includes a federal backstop for provinces and territories that don't put their own system in place. It's a system designed to be fair and affordable—for households, Indigenous communities, farmers, and businesses—while reducing the pollution that is causing climate change.

The government is delivering on its commitment to return proceeds from the price on pollution to small- and medium-sized businesses, by announcing an accelerated and automated return process to provide direct refunds to small- and medium-sized businesses in the provinces where the federal fuel charge applies—the new Canada Carbon Rebate for Small Businesses.

Proceeds would be returned directly to eligible corporations through direct payments from the Canada Revenue Agency (CRA), separately from CRA tax refunds.
To receive their proceed return for each fuel charge year, corporations would be required to have filed their tax return for 2023 by July 15, 2024.
The proposal would return proceeds for future fuel charge years, including 2024-25, in a similar manner each year.

Environment and Climate Change Canada continues to consult with Indigenous governments on how best to directly return fuel charge proceeds to their communities, and will announce next steps soon. The share of fuel charge proceeds allocated to Indigenous governments will double to 2 per cent of direct proceeds beginning this year.

Unlocking New Opportunity Through Financial Crown Corporations

Canada's financial Crown corporations support economic growth by helping businesses get the financing they need to grow; helping farmers and agri-businesses invest in new equipment and technology and support their operations; and helping companies sell their products around the world.

Canadians expect the government to make the most of their tax dollars. That is why in the 2023 Fall Economic Statement the government announced it would be reviewing the operations of the Business Development Bank of Canada, Export Development Canada, and Farm Credit Canada. Based on this review:

The amended Framework has also introduced a target solvency rating for financial Crown corporations in cases where the Office of the Superintendent of Financial Institutions has no legislative supervisory role. The amended Framework can be found in the: Capital and Dividend Policy Framework for Financial Crown Corporations .
The Business Development Bank of Canada should increase financing for promising new and high-growth businesses and accelerate reorientation of its venture capital investments toward emerging and higher-risk sectors to help attract more private capital.
Export Development Canada should leverage its full toolkit and authorities, including by updating internal risk management guidance to facilitate greater risk taking across its portfolio. Recognizing that success for Canadian exporters in highly competitive markets and sectors at times requires additional targeted support, Export Development Canada should also create a new stretch capital envelope to maximize potential for exporters in areas of strategic importance for Canada by taking on greater risk in deploying its capital. Having Export Development Canada take on more higher-risk, higher-impact transactions itself will reduce the need for direct support through the Canada Account. Further implementation details, including the scale and scope of the envelope, will be identified over the coming months.
Farm Credit Canada should continue to pursue opportunities to support agri-food and agribusiness, including through venture capital investment, and further deployment of technologies to mitigate climate change. The government intends to amend the Farm Credit Canada Act to require regular legislative reviews that ensure Farm Credit Canada's activities are aligned with the sector's needs.

In focusing their mandate on driving economic growth and productivity, these Crown corporations are also expected to prioritize new financing, insurance, and advisory support to under-financed business owners, as well as increase their public reporting and engagement with Canadians. The performance incentives of senior leaders are expected to align with their organizations taking on increased risk appetite in support of economic growth objectives. For Export Development Canada, performance incentives should also encourage alignment of business activities with countries that have free trade agreements with Canada.

Investing in Canadian Start-Ups

Venture capital financing gives Canadian entrepreneurs the resources they need to start-up, scale-up, and become the next generation of Canadian anchor companies. Financing can help take new ideas from lab to market, while creating high-quality, middle-class jobs.

The Venture Capital Catalyst Initiative (VCCI) strengthens Canada's venture capital ecosystem by co-investing with the private market, discovering and nurturing the next generation of globally recognized Canadian companies, and generating returns for private and public investors alike. Since 2016, the government has invested $821 million through VCCI, delivering support to over 300 companies across Canada.

Building on this momentum, Budget 2024 proposes to provide $200 million over two years, starting 2026-27, on a cash basis, to increase access to venture capital for equity-deserving entrepreneurs, and to invest in underserved communities and outside key metropolitan hubs.

Encouraging Pension Funds to Invest in Canada

Keeping Canada's vibrant economy strong for future generations of Canadians requires significant capital investments in our businesses, industries, and communities. Attracting higher levels of investment into Canada from all sources, including foreign and domestic private and institutional investors will raise Canada's productivity and increase living standards for all Canadians.

Pension plans are a critical pillar in Canada's retirement income system that ensures Canadians can enjoy a secure and dignified retirement. Canadian pension funds hold over $3 trillion in assets, which are invested both at home and abroad to provide secure retirement income for plan members and retirees.

The government believes that encouraging pension funds to invest in Canada more would help grow the Canadian economy and provide the stable long-term returns needed to deliver strong pensions for Canadians. In the 2023 Fall Economic Statement , the government committed to improving transparency around pension funds' investments and to working collaboratively with Canadian pension funds to create an environment that encourages and identifies more domestic investment opportunities for pension funds and other responsible institutional investors.

Canadian pension funds rely on their strong governance practices and diversified portfolios to deliver Canadians' pensions, with assets including public and private equity, infrastructure, real estate, and bonds. Canada's own economy is full of investment opportunities in these asset classes that could provide valuable contributions to pension fund portfolios. Opening up more opportunities for investment by pension funds in these domestic assets would help one of Canada's largest pools of savings contribute to the growth of the Canadian economy.

Further engagement with industry experts and pension funds will guide the government's way forward on ways to make more domestic investments available that meet the needs of pension funds.

digital infrastructure and AI investment;
physical infrastructure;
airport facilities;
venture capital investments;
building more homes, including on public lands; and,
the removal of the 30 per cent rule for domestic investments.

To support investments in airport facilities, the Minister of Transport will release a policy statement this summer that highlights existing flexibilities under the governance model for Canada's National Airport System airports to attract capital, including from pension funds.

Following up on the 2023 Fall Economic Statement , Budget 2024 also proposes to amend the Pension Benefits Standards Act, 1985 to enable and require the Office of the Superintendent of Financial Institutions to publicly release information related to the plan investments of large federally regulated pension plans.

The information to be disclosed would be set out in regulations and would include the distribution of plan investments by jurisdiction and, within each jurisdiction, by asset class.

The government will continue to engage with provinces and territories to discuss similar disclosures by Canada's largest pension plans in a simple and uniform format.

Boosting Regional Economic Growth

To build a brighter future for communities across the country, Canada's Regional Development Agencies help businesses and innovators grow to fuel economic growth and create good middle class jobs. Through the Regional Economic Growth through Innovation program, businesses can access funding to scale-up, implement new technologies, improve productivity, and find new markets, helping to develop prosperous and inclusive communities across the country.

To create jobs and boost regional economic growth, Budget 2024 proposes to provide an additional $158.5 million over two years, starting in 2024-25, on a cash basis, to Canada's Regional Development Agencies for the Regional Economic Growth through Innovation program. A portion of this funding will be dedicated to housing innovation.

This support builds on the $200 million that Regional Development Agencies will deliver to businesses for AI adoption.

Cutting Red Tape to Boost Innovation

For innovative businesses to scale-up new ideas, they need certainty that they will be able to bring their product to market. But existing regulation can often be too outdated to fit the needs of new technologies.

To ensure regulation keeps pace with the speed of new innovations, rather than hold innovation back, the government is advancing work on regulatory "sandboxes" to create temporary rules to enable testing of products, services, or new regulatory approaches.

Budget 2024 announces the government's intent to introduce amendments to the Red Tape Reduction Act to broaden the use of regulatory sandboxes across government. The changes will enable innovation by offering limited exemptions to existing legislation and regulations, streamlining the regulatory system, and reforming regulations to modern business realities.

Supporting the Canadian Chamber of Commerce's Business Data Lab

Since 2022, the Canadian Chamber of Commerce has collaborated with Statistics Canada to provide Canadian businesses with insights and information through the Business Data Lab. This initiative provides access to real-time information and analysis, that helps Canadian businesses stay informed, and make decisions that help them stay strong and support workers.

To advance this work, Budget 2024 proposes to provide $7.2 million over three years, starting in 2024-25, to support the Canadian Chamber of Commerce's Business Data Lab.

Find out more about the expected gender and diversity impacts for each measure in section 4.3 Growing Businesses to Create More Jobs

4.4 A Strong Workforce for a Strong Economy

Building an economy that is fair for everyone means making sure that every generation can seize the opportunities of the government's investments to grow the economy and create jobs.

Investing in new jobs and skills support for younger Canadians will help them get that first good job or start their first business. Strengthening labour laws and safeguarding the rights of workers will help ensure more jobs are good jobs. Skills and education investments for the next generation of workers will lead to higher productivity and benefit businesses in Canada and looking to invest in Canada who can tap into a robust, highly skilled workforce.

The federal government's generational job-creating investments today lay the groundwork for a brighter tomorrow, where good job opportunities are available to everyone.

Helping over one million Canadians each year upgrade their skills or find new jobs by investing nearly $3 billion annually in Canada's Labour Market Development Agreements and Workforce Development Agreements with provinces and territories.
Supporting a trades workforce that is skilled, inclusive, certified, and productive through the Canadian Apprenticeship Strategy.
Equipping close to 105,000 Canadian workers with the skills they need by increasing access to union-led training through the Union Training and Innovation Program since 2019-20, and supporting over 45,000 apprentices through interest-free Canada Apprentice Loans since 2018-19.
Introducing labour requirements for prevailing union wages and apprenticeship opportunities in most major economic investment tax credits to ensure Canadian workers thrive in the growing clean economy.
Ensuring workers have time to recover when they get sick, by providing ten days of paid sick leave for all federally regulated workers.
Banning the use of replacement workers during a strike or lockout in federally regulated workplaces to protect workers' right to strike and support a fairer collective bargaining process during labour disputes.

Empowering Young Entrepreneurs

Futurpreneur Canada is a national not-for-profit organization that provides young entrepreneurs with access to financing, mentorship, and other business supports to help them launch and grow their business. For over two decades, Futurpreneur Canada's programs and offerings, supported by $161.5 million in federal funding, have helped over 17,700 young entrepreneurs to launch more than 13,900 businesses across the country, supporting thousands of jobs since its inception.

To empower young entrepreneurs, Budget 2024 proposes to provide $60 million over five years, starting in 2024-25, for Futurpreneur Canada. Futurpreneur Canada will match this federal investment with funding received from other orders of government and private sector partners.

By 2029, Futurpreneur Canada estimates this investment will enable an estimated 6,250 additional youth-owned businesses to launch and scale-up their businesses.

Futurpreneur Helps Young Entrepreneurs Scale-up Their Businesses

Sarah is a recent university graduate who wants to launch a sustainable clothing manufacturing company, but is unsure where to begin. She learns about Futurpreneur Canada. After visiting their website, she finds resources to help develop and test her business model, write a business plan and even attends a webinar to answer her questions. Now, Sarah feels confident and prepared to launch her business, but is having difficulty securing financing.

She decides to apply to Futurpreneur's Startup Program to take advantage of their financing and mentorship offering. Futurpreneur helps her finalize her business plan and cash flow, collects the necessary documentation, reviews her application and determines her business is a good fit, and provides her with financing and mentoring to help launch her business and start making sales.

Sarah is matched with an experienced business mentor who will provide her with guidance and reassurance over the next two years and receives financing of up to $20,000 from Futurpreneur and up to $40,000 from BDC to help start her business. She is also connected to various networking events with experts and other young entrepreneurs to build her business network and gain peer advice.

Investing in a Strong Workforce for a Strong Economy

Investments since Budget 2017 in skills training measures include:

Labour Market Transfer Agreements: Annual investment of nearly $3 billion enabling provinces and territories to deliver training and employment supports tailored to their unique labour market needs.

Union-based training: Over $200 million through Budget 2022 and Fall Economic Statement 2022 to expand the Union Training and Innovation Program to train more than 30,000 additional apprentices and journeypersons.

Employer-led training: Budget 2021 announced the Sectoral Workforce Solutions Program to help key sectors of the economy, including the construction sector, implement solutions to address their current and emerging workforce needs. Budget 2021 also announced $250 million for the Upskilling for Industry Initiative to support more than 15,000 workers. Budget 2024 proposes $50 million over four years to provide skills training for workers in sectors disrupted by AI, and $10 million over two years to train more early childhood educators, building up the talent needed for the expansion of affordable, high-quality child care.

Apprenticeship Service: Launched the Apprenticeship Service to help first year apprentices in construction and manufacturing Red Seal trades connect with opportunities at small and medium-sized employers. Budget 2024 proposes to provide $90 million over two years for the Apprenticeship Service to help create placements in the residential construction sector.

Skilled Trades Awareness and Readiness Program: Budget 2018 announced the Skilled Trades Awareness and Readiness Program to help Canadians explore the trades and make informed career choices. Budget 2024 proposes $10 million over two years to continue to encourage Canadians to explore and prepare for careers in the skilled trades.

Sustainable Jobs Training Fund: Recently launched the Sustainable Jobs Training Fund to help workers upgrade or gain new skills for jobs in the low-carbon economy.

Indigenous-led training: $99.4 million per year through the co-developed Indigenous Skills and Employment Training (ISET) Program to help Indigenous people improve their skills and find employment.

Financial support for adult learners: About $250 million per year for the Canada Training Credit, which covers up to 50 per cent of eligible training fees.

Affordability for Apprentices: Eliminated Elimination of interest on Canada Apprentice Loans, which provides up to $4,000 per period of technical training for tuition, tools, equipment, living expenses and forgone wages.

Apprenticeship Requirements for Clean Economy Investment Tax Credits: to access the highest tax credit rates, projects must dedicate at least 10 per cent of labour hours performed by covered workers to apprentices. This provides apprentices with the crucial hours they need to complete their training.

Establishing a Right to Disconnect

Everyone needs some downtime; it is essential for well-being and mental health. As the nature of work in many industries has become increasingly digital, workers are finding it increasingly difficult to disconnect from their devices and inboxes after hours and on weekends. This has particularly impacted Millennial and Gen Z workers, many of whom have worked their whole careers without firm separation between work and personal time.

The government is taking action to restore work-life balance for the many workers in federally regulated industries, including but not limited to financial services, telecommunications, and transportation, by moving forward with a right disconnect from work, outside of their working hours.

This is expected to benefit up to 500,000 employees in federally regulated sectors.

Further, on the topic of worker misclassification, Employment and Social Development Canada and the Canada Revenue Agency will enter into necessary data-sharing agreements to facilitate inspections and enforcement.

Modernizing the Employment Equity Act

Through the Employment Equity Act , the government promotes and improves equality and diversity in federally regulated workplaces. Since the introduction of the Employment Equity Act , continued progress has been made to address inequalities, but some workers are still facing barriers to employment and many federal workplaces fail to reflect the full diversity of Canada's population. That is why, in 2021, the government launched an arm's length Task Force to review the Act and advise on how to modernize the federal employment equity framework.

Following the recommendations of the Task Force, Budget 2024 announces the government's intention to propose legislative amendments to modernize the Employment Equity Act , including by expanding designated equity groups.

Examining Critical Port Operations

Labour disputes and work stoppages at Canadian ports can lead to serious economic impacts by disrupting supply chains. To protect port workers and resolve the structural issues underlying port labour disputes, in 2023, the government launched the first phase of a formal review in collaboration with industrial relations experts.

Budget 2024 proposes to provide $3.1 million over two years, starting in 2024-25, to enable the Labour Program at Employment and Social Development Canada to complete the second phase of its review, which will explore long-term solutions to minimize labour disputes, respect the collective bargaining process, and secure the stability of Canada's supply chains. This funding would be sourced from existing departmental resources.

Extending Temporary Support for Seasonal Workers

Many seasonal workers—including in fishing and tourism sectors in Atlantic Canada and Quebec—rely on Employment Insurance for the support they need between work seasons. To address gaps in Employment Insurance support between seasons, the government introduced temporary rules in 2018 to provide up to five additional weeks—for a maximum of 45 weeks—to eligible seasonal workers in 13 economic regions. This support is set to expire in October 2024.

Budget 2024 proposes to extend this support for seasonal workers in targeted regions until October 2026. The cost of this measure is estimated at $263.5 million over four years, starting in 2024-25.

Find out more about the expected gender and diversity impacts for each measure in section 4.4 A Strong Workforce for a Strong Economy

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RIPEC: McKee’s FY25 budget proposal makes structural deficit worse

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The Rhode Island State House is shown. A new analysis from the Rhode Island Public Expenditure Council says the governor’s proposed fiscal 2025 budget makes a projected state deficit worse by relying on one-time surplus funds to cover continued operating expenses. (Alexander Castro/Rhode Island Current)

The Rhode Island Public Expenditure Council is raising red flags about Gov. Dan McKee ’s proposed fiscal 2025 budget, warning it would contribute to and worsen the state’s structural deficit in the years ahead.

In a report published Thursday, the business-backed research organization said McKee’s proposed $13.7 billion spending plan fails to reflect the state’s economic reality, increasing spending faster than revenue. While the $196 million in surplus state revenue projected for the fiscal year that ends June 30 can make up the difference temporarily, it’s not sustainable long term.

“The budget does not reflect the tight revenue situation,” Michael DiBiase, president and CEO of RIPEC, said in an interview on Friday. “Wherever you are using that surplus money for now contributes to the deficit later. You’re creating more of a problem for next year.”

While the governor’s budget projects a slight surplus, just shy of $1 million, for fiscal 2025, the trend reverses course in the following year, with a projected $244 million deficit in fiscal 2026, growing to $265.4 million in fiscal 2027.

Updated forecasts included with Gov. Dan McKee’s fiscal 2025 budget proposal show the state budget deficit growing to more than $244 million in fiscal 2026. (Rhode Island Office of Management and Budget)

This projected outcome is not entirely unexpected; lawmakers and economists have warned that market forces like inflation will slow revenue growth, while costs in key areas like education and health and human services continue to rise. Yet the latest forecasts appear far gloomier than what analysts expected a year ago, according to updated projections from the state budget office included with McKee’s fiscal 2025 budget proposal.

The governor’s spending proposal makes the projected deficit worse by relying on one-time surplus funds to cover continued operating expenses, according to RIPEC’s report. Just $15 million of the $196 million in general revenue surplus funds are explicitly identified by the governor’s office as reserved for one-time expenses. The rest of the surplus funds seek to make up the shortfall in rising, continued costs for education, affordable housing, transportation and health and human services.

‘The budget does not reflect the tight revenue situation,’ Rhode Island Public Expenditure Council President & CEO Michael DiBiase says of Gov. Dan McKee’s proposed fiscal 2025 budget. (Michael Salerno/Rhode Island Current)

“Wherever you use that money now, you’ve got to find it next year somewhere else,” DiBiase said.

RIPEC in its report acknowledged the critical needs presented by the state’s lack of affordable housing, growing Medicaid budget and resource-strapped urban school districts. While spending hikes in these areas cannot be avoided, at least to some extent, DiBiase stressed the importance of smarter and more efficient spending.

For example, RIPEC projections indicate that the $254.8 million in state subsidies for affordable housing will produce just over 1,600 new, net units once the remaining federal pandemic aid is allocated, leaving the state well short of the 24,000 new units needed to meet the growing demand.

Meanwhile, the state’s Medicaid program, which comprises three-quarters of its health and human services budget, continues to balloon, with a $4.6 billion price tag, including state and federal funds, in the proposed fiscal 2025 budget. While state spending has increased, problems with provider reimbursement rates and coverage for beneficiaries persist, suggesting the extra money is doing little to relieve the pressure on the system, DiBiase said.

“Can we be more efficient is the question,” he said. “We’re not calling for cuts, and we need to increase [reimbursement rates] but that doesn’t mean we shouldn’t look at the system overall.”

Indeed, a new audit published on April 30 by the state auditor general found numerous deficiencies with the state Medicaid program in fiscal 2023, including payments to managed care organizations for patients who have died, or no longer live in the state.

Despite cautions for more financially sustainable long-term spending plans, RIPEC also stressed the need to avoid broad-based tax increases especially for its business community. Of particular interest to the business advocacy group: the governor’s proposal to give businesses more flexibility in applying operating losses to future years’ income.

Existing state law limits the carryforward period to five years, the shortest of any state, according to RIPEC. McKee has proposed matching Rhode Island’s policy with its neighbors in Massachusetts and Connecticut, which both let businesses apply reported losses to future net operating income over the next 20 years. The change to Rhode Island’s law, if approved, would take effect in tax year 2025.

“It’s kind of an esoteric thing, but we are an outlier,” DiBiase said of the state’s carryforward provision. “Changing this helps our business climate.”

Derek Gomes, a spokesperson for the Rhode Island Department of Administration, responded by email on behalf of the governor’s office Friday afternoon.

“The state has had to strike a balance between fiscal discipline and providing the services upon which Rhode Islanders rely, and the fiscal year 2025 budget proposal is no exception,” Gomes said.

He also pointed to prior state budget forecasts which show long-term structural deficits have “long been a reality of state budgets,” including prior to the COVID-19 pandemic.

Updated to include a response from Gov. Dan McKee’s office.

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KPMG Personalisation

Mid-Market Pre-Budget Pulse Check 2024

Prior to the 2024 Australian Federal budget, KPMG surveyed private, mid-market and family businesses to gauge economic sentiment and budget concerns.

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Key findings | Current and emerging perceptions | Download report | Research methodology

The annual pre-Budget survey of our mid-market client base by KPMG Enterprise this year took place just two months before the Federal Budget which will be handed down on Tuesday, 14 May 2024.

Our survey of 100 leaders in mid-tier Australian businesses – ranging from listed companies just outside the ASX 200, to private companies and family businesses – reveals a mood of cautious optimism with more than a half treading carefully and suggesting growth of around 2-3% over the next 12 months, but with a doubling of that figure over the following two years.

The two top challenges for Mid-Market businesses in the next 1-3 years remains like prior years as cost and margin pressures and the recruitment and retention of skilled staff.

The survey themes highlight the shift in perceptions and the current and future challenges and opportunities faced by Mid-Market businesses in Australia, including economic conditions, business growth forecasts, wage expectations. Current and emerging perceptions include the impact of cost of living, tax reforms, AI implementation, work environment changes, and Superannuation Legislation.

Mid Market Pre-Budget Pulse Check 2024

Survey findings of mid-market, private and family businesses ahead of the Federal Budget announcement.

(PDF 391KB)

Key shifts in perception since 2022/23

Mid-market business forecasting and growth.

Optimism about business growth has remained relatively stable among Mid-Market businesses, with 80% forecasting growth over the next few years. The level of pessimism has remained stable in the last 12 months with 17% of businesses who are not forecasting any growth for this year and the near future.

Wage growth expectations

There has been a continued decrease in expected wage growth above 4% in the last 2 years. Most businesses are expecting a moderate increase in wages of 2-4% per cent.

Challenges for mid-market businesses

The two top challenges for Mid-Market businesses in the next 1-3 years remains like prior years as cost and margin pressures and the recruitment and retention of skilled staff. There are significant sector differences in the challenges that are most impacting businesses.

Current and emerging perceptions in 2024

Impact of cost of living.

Majority of Mid-Market businesses believe the cost of living is challenging their ability to grow the business and generate demand. More than half feel it's having a moderate impact, while for nearly a quarter, it's having a significant impact.

Tax reforms and labour training

Close to half of Mid-Market businesses believe sector growth can be boosted by major tax reforms and greater investment in labour training programs.

Work environment changes

Most businesses (59%) do not anticipate any change in working arrangements while 41% will look to increase presence in the office, especially for publicly listed companies with some planning to mandate a minimum of days in the office.

Artificial Intelligence (AI) implementation

The widespread rise of AI is evident in Mid-Market businesses, with 42% of businesses having implemented AI in their business for specific applications. Among those who have yet to implement AI, there is a plan by two-fifths to do so in the next 2 years.

ATO compliance activity

The ATO has increased its compliance activity in recent years with a focus on targeting the use of trusts and tax planning. This is a concern for a third of businesses, but most businesses are not concerned or do not have trusts.

Superannuation legislation

More than half (54%) of mid-market businesses are in support of this legislation, to a certain extent, that will result in an additional 15% tax on the earnings of superannuation balances above $3 million. However, 46% are unsupportive, and of those that support in part, 48% do not support taxing unrealised gains in superannuation.

Download the report

Mid-Market 2024 Pre-Budget Survey

Research methodology

KPMG Customer Intelligence conducted a pulse check on behalf of KPMG Enterprise. This pulse check was targeted at clients who run mid-market firms, aiming to gauge sentiment around key issues before the 2024/25 Federal Budget is announced.

Australia’s mid market is often referred to as the engine room of the nation’s economy, employing nearly a quarter of all Australians, and responsible for almost 40 percent of Australia’s business revenue.

The survey was completed by more than 100 mid-market business directors and decision-makers. Most respondents were from private companies, however there were also some from publicly listed companies, family businesses and NFPs. Respondents also came from a range of industry sectors.

The survey results are a valuable indicator of Enterprise clients’ opinions concerning the current business and budget environment.

Supporting mid-market business

KPMG has the breadth of services and depth of knowledge to provide your business with the support it needs to navigate these evolving times, and understand how this year’s Federal Budget may affect your organisation.

Please get in touch if you have any questions.

Federal Budget Analysis Subscription

Related insights

A specialist division of KPMG Australia dedicated to advising emerging, private, family and mid-market businesses.

KPMG Enterprise is dedicated to advising emerging, private and mid-market businesses.

Australian Federal Budget 2024: Insights and analysis

The 2024 Federal Budget will be delivered on Tuesday 14 May 2024. Subscribe to KPMG for the latest insights into impacts on Australian businesses.

Insights into the economic impact of the Australian Federal Budget 2024-2025.

China launches Chang'e 6 lunar probe, revving up space race with U.S.

WENCHANG SPACE LAUNCH SITE, China — China launched an uncrewed lunar spacecraft Friday in a first-of-its-kind mission to bring back samples from the far side of the moon, the latest step in a rapidly advancing Chinese space program that is spurring competition with the United States and others.

The Chang’e 6 lifted off on time at 5:27 p.m. local time (5:27 a.m. ET) from the Wenchang Space Launch Site in China’s southern island province of Hainan.

The launch of the lunar probe, which NBC News was one of a handful of news organizations to attend, and the national excitement around it had transformed the normally sleepy fishing village of Longlou into a major tourist attraction, with crowds spilling from tour buses and heading to beaches and rooftops with the best views of the spaceport. One rooftop owner said he had sold out 200 seats at 200 yuan (about $28) each.

A Long March 5 rocket, carrying the Chang'e-6 mission lunar probe, lifts off

Ahead of the launch there was a festival-like atmosphere on the beach, where vendors offered space paraphernalia and groups of children sold Chinese flags for 3 yuan (about 40 cents) each. Families sprawled on picnic blankets playing cards, while others strung up hammocks between palm trees so they could wait in the limited shade.

Yiuwah Ng, a 28-year-old real estate office worker from the southern Chinese city of Zhuhai, traveled six hours by car and another three hours by ferry to stake out the best spot along the shore, where he had been camping for three days with friends and his dog.

“I want to witness this historic moment,” he said of the launch, his fourth. “It’s an important first step for China’s lunar exploration.”

Max Zhang, a self-described “rocket chaser” from the southern Chinese city of Guangzhou, has been photographing launches at Wenchang from the beach since 2011.

“I’m addicted to the shock of seeing the launches, especially the sound of the rocket flame,” he said. “It shakes my heart.”

Space enthusiasts await the launch of China’s Chang’e 6 lunar probe on the island of Hainan on Thursday.

‘ A force to be reckoned with’

If successful, the Chang’e mission will be a crucial step in realizing the country’s goals of landing Chinese astronauts on the moon by 2030 and eventually building a base on the lunar surface.

The outcome of the mission will also have implications far beyond China’s borders. A slew of spacefaring nations — including Russia, India, Japan and the U.S. — also have their sights set on the moon, creating what some experts have likened to a new kind of space race.

“China is trying to prove that it’s a force to be reckoned with, and so it’s always that China is competing against everyone in space,” said Clayton Swope, deputy director of the Aerospace Security Project at the Center for Strategic and International Studies in Washington.

A successful Chang’e 6 mission would demonstrate how sophisticated China’s lunar exploration program has become in a relatively short time.

“Twenty-five years ago, they had very rudimentary space capabilities,” said Todd Harrison, a senior fellow at the American Enterprise Institute, a public policy think tank based in Washington. “Going from that to where they are today — I think they’ve clearly exceeded Russia, and their space capabilities are really only second to the United States.”

China achieved its first moon landing in 2013 with the Chang’e 3 mission, which set a lander and rover on the lunar surface to study the moon’s terrain. Before that, only the U.S. and the former Soviet Union had successfully landed spacecraft on the moon.

In 2019, China notched another historic milestone with its Chang’e 4 flight, becoming the first country to land a probe on the far side of the moon , the part that permanently faces away from Earth.

The following year, in 2020, China returned to the moon’s near side, which always faces Earth, landing the Chang’e 5 spacecraft on a volcanic plain known as Oceanus Procellarum. The probe retrieved samples there and brought them back to Earth, representing a big technological leap forward.

The China National Space Administration (CNSA) has invited scientists from the U.S., Europe and Asia to apply to borrow the lunar samples for their own research, holding a pitch meeting last week in the Chinese city of Wuhan. Researchers funded by NASA received rare approval from Congress to submit proposals, raising the possibility of high-level U.S.-China space cooperation that is otherwise prohibited by U.S. law.

This time, the Chang’e 6 spacecraft is aiming to land and retrieve samples from the South Pole-Aitken basin, an ancient and sprawling impact crater on the far side of the moon.

Spectators on a beach near the Wenchang Space Launch Site on Thursday.

Conducting a sample return mission from the side of the moon that always faces away from Earth is challenging because mission controllers on the ground have no way of directly contacting a spacecraft in that region. Instead, signals need to be relayed through a satellite now orbiting the moon that China launched from the same site in Hainan last month.

While difficult, the effort could have enormous payoffs. Studies suggest that the moon’s near side was more volcanically active than the far side, which means all of the lunar samples obtained thus far may be telling only part of the story of the moon’s origin and evolution.

Collecting lunar samples from different geological eras and regions “is of great value and significant for all mankind to have a more comprehensive understanding of the moon and even the origin of the solar system,” Ge Ping, a mission leader from CNSA’s Lunar Exploration and Space Engineering Center, told reporters in Hainan on Thursday.

Beyond its scientific objectives, the Chang’e 6 mission carries with it geopolitical considerations. The flight is a precursor to a pair of Chinese robotic missions to the moon’s south pole to scout locations to build a moon base. Last year, the Chinese and Russian space agencies agreed to jointly build a research station on the lunar surface.

NASA and its commercial partners also aim to establish a permanent presence at the lunar south pole, though the agency’s Artemis moon missions have faced numerous delays and budget overruns . The current timeline has American astronauts returning to the lunar surface in 2026 at the earliest.

With China and Russia forming a rival coalition, there is some pressure for the U.S. to keep its foot on the accelerator, Harrison said.

“It does matter who gets there first, and it matters how you get there and what kind of coalition you’re bringing with you,” he said.

NASA Administrator Bill Nelson has on multiple occasions warned that the U.S. runs the risk of falling behind China’s lunar ambitions. In an interview this week with Yahoo Finance , Nelson outlined what’s at stake in the new space race.

“I think it’s not beyond the pale that China would suddenly say, ‘We are here. You stay out,’” he said.

Asked Thursday about international competition in space, Ge said, “All countries in the world should explore, develop and use outer space peacefully.”

“There is no need to worry too much,” he added. “Space programs are for all humans.”

A street vendor sells space merchandise ahead of the lunar launch Friday.

As more countries around the world build up space capabilities, NASA has pushed for more global cooperation, establishing the Artemis Accords in 2020 to promote peaceful, responsible and sustainable practices. U.S. law prevents China from joining the 39 other nations that have signed the accords, which both China and Russia have criticized as a tool to promote U.S. dominance in space.

Many Western space policy experts have in turn raised concerns about China’s and Russia’s intentions. The full scope of China’s ambitions in space is not known, for instance, because its space agency does not operate with the same level of transparency as NASA. The country’s space program is also more closely tied to the military than in the U.S.

“We cannot ever say that China’s investment in civilian space technologies are only civilian and not to be used for military purposes,” said Namrata Goswami, a professor in the Thunderbird School of Global Management at Arizona State University and co-author of the 2020 book “Scramble for the Skies: The Great Power Competition to Control the Resources of Outer Space.”

While it may feel as if China’s spaceflight objectives have accelerated in recent years, they are part of a decadeslong strategy, Goswami said.

“Many of the leaders of China’s space program announced these goals and timelines 20 years ago,” she said. “What is astounding to me is that they are achieving almost all their milestones on time, and for them, that has a strategic advantage in the global narrative of who’s doing it better.”

As much as the moon and its resources can provoke competition among nations, space exploration can also be unifying, Swope said.

“We are literally a speck in the universe, and when we go to the moon or explore space, we as humankind have that shared human trait where we want to understand the unknown and we want to discover,” he said. “That does transcend politics.”

Janis Mackey Frayer reported from the Wenchang Space Launch Site in China, and Denise Chow reported from New York.

Janis Mackey Frayer is a Beijing-based correspondent for NBC News.

Denise Chow is a reporter for NBC News Science focused on general science and climate change.

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PDF Writing a Proposal Budget
When Sponsored Programs reviews the proposal, including the budget, we'll be making sure that the proposal meets the requirements set forth in the Code of Federal Regulations. It would be a good idea for you to become familiar with the rules relating to the types of research performed in your department. UC Davis Charging Practices The
How to make a simple research budget
A good budget shows the assessors that you have thought about your research in detail and, if it is done well, it can serve as a great, convincing overview of the project. Here are five steps to create a simple budget for your research project. 1. List your activities. Make a list of everything that you plan to do in the project, and who is ...
How to plan and write a budget for research grant proposal?
The last most important part is to review the budget and verify the costs and calculation. It is better, if other research team members can review the budget plan and re-calculate the costs thoroughly. Remember, too high budget and too low budget with respect to the research proposal are suspicious and chances of receiving a grant are less.
How to Write a Research Proposal
Research proposal examples. Writing a research proposal can be quite challenging, but a good starting point could be to look at some examples. We've included a few for you below. Example research proposal #1: "A Conceptual Framework for Scheduling Constraint Management".
Develop Your Budget
Develop Your Budget. As you begin to develop a budget for your research grant application and put all of the relevant costs down on paper, many questions may arise. Your best resources for answering these questions are the grants or sponsored programs office within your own institution, your departmental administrative officials, and your peers.
How to budget your grant proposal
A precise estimate of the budget is really the best approach to win a grant. And importantly, once your proposal has been funded, you will find that having carefully estimated the different costs at the application stage will not only guarantee an optimal use of the funds, but also make the practical implementation of the research project ...
How to Develop a Budget for a Research Proposal
Abstract. Novice investigators may be intimidated by the task of proposal budget preparation. Often a basic understanding of the mechanics of budgeting, paired with a good working relationship with the institution's sponsored programs office, can alleviate much of the stress investigators encounter in developing budgets.
Creating a Budget
Creating a Budget. In general, while your research proposal outlines the academic significance of your study, the budget and budget narrative show that you have an understanding of what it will cost for you to be able to perform this research. Your proposed budget should identify all the expenses that are necessary and reasonable for the ...
Develop a research budget
A research budget contains both direct costs and indirect costs (overhead), but the level of detail varies from sponsor to sponsor. The first step in developing a budget is to carefully read the guidelines of the funding opportunity being pursued. ... such as goods and/or services in support of a research project or proposal. It is challenging ...
Proposal Budgets
Proposal Budgets. The budget should list all cost details for the year or another appropriate period of time. It should include any applicable salaries & wages, fringe benefits, services, supplies, equipment, publications, travel, other direct expenses, and any facility and administrative costs. A brief outline for developing a budget is ...
How to develop a budget for a research proposal
Abstract. Novice investigators may be intimidated by the task of proposal budget preparation. Often a basic understanding of the mechanics of budgeting, paired with a good working relationship with the institution's sponsored programs office, can alleviate much of the stress investigators encounter in developing budgets.
Budget Basics Tools & Resources
From research funding within Stanford to external opportunities, VPDoR provides search tools, proposal resources, and guidance to support your journey from idea to implementation. ... Proposal budgets and budget justifications are the financial road maps of sponsored projects. When thoughtfully and strategically built they both help propel ...
The Budget Calculation (Qualitative Research Proposal Series)
This is Part 2 of a four-part series on proposal writing for qualitative research. Please read Part 1 of this series, which covers crafting an overview as a starting point of conversation with the…
Sample Budget Justifications
Sample Budget Justifications. Sponsor requirements differ, and sample budget justifications should be seen only as a starting point. Guidelines for sponsor requirements are in the annotated budget justifications. Read the solicitation and the sponsor's proposal preparation guidelines for each proposal's requirements.
PDF How to Enter Proposal Budgets
To enter a budget on a Research.gov . proposal initiated by a Principal Investigator (PI), access the Budget(s) landing page either by clicking the Budget(s) link on the proposal main page or by clicking the Budget(s) link on the proposal menu. Refer to the Budget Frequently Asked Questions (FAQs) on the Research.gov About Proposal Preparation and
Proposal Budget Development
Proposals (applications) normally include a detailed breakdown of the financial support being requested from a sponsor. A proposal budget is a best estimate of the costs requested to complete a project. Budgets should be prepared with as much detail as possible. Projects costs are usually broken down into direct and indirect cost categories.
Budget for a research proposal
The proposal budget is critical to the success of a study. A reviewer can determine much about the principal investigator's ability to conduct the proposed study by scrutinizing the budget; therefore, the budget should not be treated as an afterthought. A good budget consists of three separate parts: the budget, the budget explanation, and a ...
Free Budget Proposal Templates
A budget proposal template documents the suggested financial budget plan for an organization, project, research, or grant. Rather than starting from scratch, you can leverage the pre-filled criteria in a budget proposal template to gain insight into the accuracy of anticipated expenses and revenue sources.
Top 7 Research Budget Templates with Samples and Examples
Template 6 - Determine Budget for Psychology Research Proposal One-Pager Sample Example Document. This presentation template is an easy-to-use tool for determining the budget required for psychology research. With this slide, you can allocate a budget for each area, including diagnostic assessment, training, technology and tools, supplies ...
PDF Annual Plan & Budget Proposal for Fiscal Year 2024
Judgment Budget Proposal will ensure that we build on the Cancer Moonshot's successes thus far and further catalyze progress to achieve the bold goals put forth by President Biden. This Annual Plan and Budget Proposal describes . the resources needed to ensure that the cancer . research enterprise remains strong, delivers on
Partnerships for Innovation (PFI) Program
The Office of Proposal Development (OPD) is committed to providing Stony Brook University's research community with high level support to identify extramural funding opportunities, build networks, and foster collaborations for the development of large, complex and innovative proposals.
Chapter 4: Economic Growth for Every Generation
To foster the next generation of research talent, Budget 2024 proposes to provide $825 million over five years, starting in 2024-25, with $199.8 million per year ongoing, to increase the annual value of master's and doctoral student scholarships to $27,000 and $40,000, respectively, and post-doctoral fellowships to $70,000. ... The proposal ...
PDF How to Submit Proposal File Updates/Budget Revisions
The top indicator on the page shows the submission wizard workflow from left to right. The same three-step wizard is used for submission of letters of intent, proposals, and proposal file updates/budget revisions. 1 Step 1. Review Proposal Information: Verify the proposal information and then click Next to continue.
RIPEC: McKee's FY25 budget proposal makes structural deficit ...
In a report published Thursday, the business-backed research organization said McKee's proposed $13.7 billion spending plan fails to reflect the state's economic […]
2024 Mid-Market Pre-Budget Pulse Check
Prior to the 2024 Australian Federal budget, KPMG surveyed private, mid-market and family businesses to gauge economic sentiment and budget concerns. ... Download report | Research methodology . The annual pre-Budget survey of our mid-market client base by KPMG Enterprise this year took place just two months before the Federal Budget which will ...
China launches Chang'e 6 lunar probe, revving up space race
China launched its Chang'e 6 lunar probe Friday in a first-of-its-kind mission to bring back samples from the far side of the moon.