Economic Diversification and Growth Enterprises Program (EDGE)
Amount:
No Fixed Amount
Type of Program:
Rebate
Description:
Economic Diversification and Growth Enterprises Program (EDGE) is an incentive-based program that is available to local companies who want to expand their businesses, local entrepreneurs who are interested in starting a business in Newfoundland & Labrador, as well as national and international companies who wish to establish a new enterprise in the province.
Comments on Funding:
Funding will take the form of:
- 1a 100% rebate on provincial corporate income tax and the provincial health and post-secondary education (payroll) tax (the tax “holiday” for eligible companies is 10 years within the Northeast Avalon area and 15 years outside the Northeast Avalon area, as defined in the Economic Diversification & Growth Enterprises ActOpens in new window);
- 2a 50% rebate on federal corporate income tax for the periods referenced above;
- 3a further five-year phase-out period of partial rebates on the provincial and federal taxes referenced above, declining by 20 percent in each year of the phase-out period;
- 4a 100% rebate on municipal property and/or municipal business taxes for 10 or 15 years, followed by a five-year phase-out of such rebates, where individual municipalities elect to participate in the EDGE program; and
- 5access to unserviced Crown land for $1.00 where such land is required to implement the company’s business plan.
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
Applicants must meet the following requirements:
Application Steps:
submit a signed, completed application with supporting documentation to the office of Industry, Energy and Technology (IET) in their area;
submit any additional information, if requested.
Documentation Needed:
Applicants must submit:
- 1a business plan and project summary & benefits;
- 2a business description;
- 3a description of the project;
- 4a 12-month travel plan, if funding is requested for travel related to market development;
- 5a project budget;
- 6a brief history of the shareholders;
- 7financial statements for the current and previous two to five years of operation including notes to the financial statements and the most recent interim statements. if a proprietorship, include recent and previous two to five years personal income tax returns including CRA T2125 form and Notice of Assessment, if existing business;
- 8a cash flow statement, if existing business;
- 9pro forma statements for the next two to five years including balance sheet and income statement with detailed assumptions supporting revenue forecasts, if existing business;
- 10income statement and opening balance sheet, if new business;
- 11a cash flow statement, if new business;
- 12pro forma statements for the next two years including balance sheet and income statement with detailed assumptions supporting revenue forecasts, if new business;
- 13a copy of articles of incorporation;
- 14a personal net worth statement for all shareholders and key management personnel (loans/equity investments only);
- 15include any supplementary information that maybe relevant to your operation.
Other Things to Note:
Last Updated: 2021-09-21 - The application form.
Program Contact:
