Canada Innovation Corporation

Supports Canadian innovation financing policy and coordination while federal delivery structures continue to build toward full operations.

The Canada Innovation Corporation (CIC) is a Canadian federal Crown corporation mandated to maximize business investment in research and development across all sectors and regions of Canada. Designed to fund applied research, experimental development, and advisory services for Canadian firms, CIC was allocated $2.6 billion over four years in Budget 2022, with statutory transfers of $800M for FY2025-26 and $800M for FY2026-27.

As of May 2026, CIC is incorporated but pre-operational. It was established in February 2023 as a subsidiary of the Canada Development Investment Corporation (CDEV) as an interim measure. Full standalone implementation has been delayed to 'no later than 2026-2027'. No open calls, no operational programs, and no public CEO or President have been named. Canadian SMEs seeking R&D support during this interim period are still directed to NRC IRAP (National Research Council's Industrial Research Assistance Program), which CIC is expected to eventually absorb.