The construction of the surface facilities and underground laboratories of SNOLAB have been funded by the International Joint venture program of the Canada Foundation for Innovation (CFI) , the Ontario Innovation trust, The Northern Ontario heritage Fund corporation and FEDNOR. Operating costs have been supported by The Ontario Research Fund's research Excellence Program, by the Natural Sciences and Engineering Research Council (NSERC), by CFI and by the member institutions. The city of Sudbury is providing a 5-year grant for public education for the new developments at SNOLAB.

Current funding for SNOLAB has been provided by CFI's Major Science Initiatives Fund.