In 2023, Canada's government budget for R&D and tax incentive support for business R&D was below the projected 2024 value of 17.02 billion CAD. From 2024 to 2028, forecasts predict a steady increase in government budget allocations, with a compound annual growth rate (CAGR) of around 1.69%. Year-on-year increments show a gradual rise, reflecting a consistent commitment to fostering innovation and research.
Future trends to watch for include:
- An ongoing increase in allocation towards AI and green technologies.
- Potential shifts in policy focus due to economic and political changes.
- Impacts of international collaborations on domestic R&D priorities.
- Adjustments in tax incentive structures to better support emerging sectors.
