.

[neatmonster]

.

[Eudaimonia]

Accept the current one. This is standard for research. Should you be given the other grant and your funding is capped, that can get sorted out after. Are you worried because they are for two different programs?

[neatmonster]

Yes, they are for separate programs and the one I have been accepted to does not allow you to accept any other research grant in addition to it.

[Eudaimonia]

Will accepting the first one cancel your application for the second one? Of course you won't accept both in the end but you can accept the first one then decline it later if you prefer the second program 

[neatmonster]

No, they should not. But I'm just not sure if I would be allowed to decline that award after initially accepting...

[Eudaimonia]

Yes you can withdraw from the program, it should be mentioned in the award guidelines. I have declined an accepted award before and while I feel sorry for the inconvenience, they totally understood.

I'm not sure if you're talking about a NSERC grant and smaller provincial grants that applicants commonly apply to concurrently, but smaller funding agencies know that you'll move on to accept something bigger if it comes up