Atlantic Canada Business Grants

Agriculture & Agrifood

Nova Scotia Capital Investment Tax Credit (CITC)

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Amount:

$ 30,000,000.00

Type of Program:

Tax Credit

Description:

The Nova Scotia Capital Investment Tax Credit (CITC) is a 15% refundable corporate income tax credit claimed by eligible corporations for capital equipment acquired for use in Nova Scotia on or after January 1, 2015. The capital equipment must be acquired as part of an "approved project".

The CITC is aligned, but not harmonized with, the federal government’s Atlantic Investment Tax Credit (AITC). 

Comments on Funding:

Funding is 15% of the capital cost of "qualified property" acquired in a taxation year, with a maximum tax credit of $30 million per "approved project."

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a taxable Canadian corporation,
  • have a permanent establishment in Nova Scotia,
  • with certain exceptions, be corporations in the manufacturing, processing, fishing, farming, logging, storing grain and harvesting peat sectors,
  • have acquired capital equipment as part of an "approved project".

Application Steps:

1

Applicant must submit a mandatory Part A application and receive an "eligibility certificate" before an application for the tax credit can be made.

2

Applicant must submit a Part B application for a tax credit certificate once he obtained the eligibility certificate and no later than 18 months following the end of the taxation year in which the qualified property was acquired. Multiple Part B application for tax credit certificates can be made since projects can run over a period of up to 5 years.

Documentation Needed: 

The applicant must submit the following documentation in support of his Part A application form:

  • proof that the corporation is an "eligible corporation" and that its corporate registration is in good standing,
  • financial statements (projected financial statements for taxation years during project period and financial statements for the preceding taxation year),
  • a business plan for the project,
  • the T2 corporate tax return and notice of assessment if the project is underway and qualified property has already been acquired,
  • the loan agreements for all loans provided by public authorities,
  • any additional information deemed necessary by the Minister.

The applicant must submit the following documentation in support of his Part B application form:

  • proof of the capital cost of each qualified property,
  • a statement identifying the qualified property that was acquired in respect of and that matches the business plan submitted in support of the eligibility certificate,
  • a statement detailing any government assistance with respect to the qualified property,
  • a status report of the project and explanation for any deviation from the business plan submitted in support of the eligibility certificate,
  • the T2 corporate tax return and notice of assessment for the taxation year immediately preceding the taxation year for which a tax credit certificate is sought,
  • a draft copy of the corporation's Schedule 31 for the T2 corporate return in the taxation year for which the tax credit is being applied for,
  • a copy of the corporation's CITC eligibility certificate,
  • any additional information deemed necessary by the Minister.

Other Things to Note:

New Guidelines were published in March 2022.

Program Contact:

Capital Investment Tax Credit - Nova Scotia Department of Finance

CITC Guidelines.pdf

Employment Enhancement Program

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Amount:

No Fixed Amount

Type of Program:

Subsidy

Description:

The Employment Enhancement program supports employers in the forestry, aquaculture, agriculture, and fishing sectors engaged in value-added secondary processing by providing funding to employers to create sustainable, long-term employment or seasonal employment and a training allowance to support new employees.

Comments on Funding:

Funding is a wage subsidy of 75%, to a maximum of $15 per hour, for a period of 10-28 weeks, plus a training allowance up to $3,000 for the individual hired.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be an organization,
  • be incorporated or a sole proprietor,
  • have a Canada Revenue Agency business number,
  • be in good standing with Registry of Companies and Deeds,
  • have an office location/base in Newfoundland and Labrador.
  • adhere to the all relevant Terms and Conditions of the Employment Enhancement Program.

Application Steps:

1

Applicant must register and create an account in the Department of Immigration, Population Growth and Skills LaMPSS payment system to apply on-line,

2

Applicant must complete and submit an online application and wait to be notified by email after a decision is made on the application – within 20 business days of receipt of a complete application,

Documentation Needed: 

The applicant must submit:

  • an online application form,
  • a job description
  • a training description.

Activity and Financial reports for Self-employment Assistance Coordinator should be completed online using LaMPSS Self-serve functionality.

Program Contact:

Employment Enhancement Program

Employment Enhancement Program Program Guidelines

Business Investment Fund – Business Development Support Program

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Amount:

$100,000

Type of Program:

Grants

Description:

The Business Development Support Program assists Newfoundland and Labrador SMEs with opportunities to increase their productivity and improve their competitiveness. Funding is available for productivity improvements, knowledge development, market development and/or professional technical advice.

Comments on Funding:

Funding is in the form of a non-repayable contribution(s) to a maximum amount of $100,000 per government fiscal year.

The contribution level will be up to 50% of eligible costs, with the business identifying their access to the remaining funding to complete the project(s). 

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a SME based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales
  • demonstrate a desire to develop and grow by improving the operations of the business, investing in its people, and focusing on trade opportunities,
  • demonstrate its ability to undertake the work identified in the project proposal,
  • demonstrate its ability to access the financial capital required to complete the project,
  • operate in a strategic sectors that normally focus on export markets and/or improve import substitution,
  • be in good standing with the Government of Newfoundland and Labrador.

Application Steps:

1

The applicant must submit a signed, completed application with supporting documentation to the office of Industry, Energy and Technology (IET) in his area.

Documentation Needed: 

The applicant must submit:

  • the application form
  • a business plan and project summary & Benefits,
  • financial 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 an existing business,
  • a copy of the Articles of Incorporation,
  • a Personal Net Worth Statement for all shareholders and key management personnel (loans/equity investments only),
  • a Cash Flow Statement and pro forma statements for the next two to five years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if an existing business,
  • Income Statement and Opening Balance Sheet, a Cash Flow Statement and pro forma statements for the next two years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if a new business,
  • any supplementary information that may be relevant to his operation.

For larger, more complex projects a more detailed Business Plan, a Feasibility Study and/or Market Study may be required.

Other Things to Note:

The Business Investment Fund provides a source of funding to business and economic sectors in Newfoundland and Labrador that responds to the changing needs of enterprises. The Business Investment Fund is comprised of two components: the Business Investment Program and the Business Development Support Program.

Program Contact:

Business Development Support Program

Application for Assistance

Business Investment Fund – Business Investment Program

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Amount:

$1,000,000.00

Type of Program:

Loan & Investment

Description:

The Business Investment Program provides term loans and equity investments to Newfoundland and Labrador SMEs in strategic growth sectors as identified by Industry, Energy and Technology (IET). The fund is also available to businesses which have export potential and require assistance to enter or expand in external markets.

Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.

Comments on Funding:

Funding is in the form of repayable term loans  at the department's base rate of 4,5%.

Equity funding is in the form of redeemable preferred shares to a maximum of $500,000 per project and a maximum aggregate of $1 million is available.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a SME based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales,
  • demonstrate its ability to undertake the work identified in the project proposal,
  • demonstrate its ability to access the financial capital required to complete the project,
  • operate in a strategic sector as defined by IET,
  • be in good standing with the Government of Newfoundland and Labrador.

Strategic sectors: Advanced Technologies, Aerospace, Agri-foods, food and beverage, Aquaculture, Biotechnology and Life Sciences, Craft, Gift and Apparel, Energy, Environmental Industries, Fishery (excludes fish harvesting and primary processing), Forest Products, Information and Communications, Technology, Manufacturing, Ocean Technology, Mineral Resources, Natural Stone, and Tourism and Cultural Industries.

Application Steps:

1

The applicant must submit a signed, completed application with supporting documentation to the office of Industry, Energy and Technology (IET) in his area.

Documentation Needed: 

The applicant must submit:

  • the application form,
  • a business plan and project summary & Benefits,
  • financial 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 an existing business,
  • a copy of the Articles of Incorporation,
  • a Personal Net Worth Statement for all shareholders and key management personnel (loans/equity investments only),
  • a Cash Flow Statement and pro forma statements for the next two to five years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if an existing business,
  • Income Statement and Opening Balance Sheet, a Cash Flow Statement and pro forma statements for the next two years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if a new business,
  • any supplementary information that may be relevant to his operation.

For larger, more complex projects a more detailed Business Plan, a Feasibility Study and/or Market Study may be required.

Program Contact:

Business Investment Program

Application for Assistance

Agriculture Business Advancer

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Amount:

$300,000.00

Type of Program:

Grants

Description:

The Agriculture Business Advancer program supports the adoption of new technologies, processes or specialized equipment for the purpose of business growth.

Comments on Funding:

Applicants are eligible for 30% funding assistance on total eligible project costs to a maximum of $300,000.
No more than 100% of non-repayable funding can be received for any eligible project cost incurred and paid for by the applicant, regardless of source. 

When It Ends:

Ongoing

Deadline:

31 December, 2022

Eligibility:

The applicant must:

  • be a Nova Scotia farm,
  • be currently and properly registered in the correct income category under the Farm Registration Act,
  • be at least 19 years of age and actively farming in the program year,
  • have generated an annual eligible gross commodity income of $1,000,000,
  • be planning expansion and growth,
  • propose large initiatives with an estimated cost of no less than $750,000.

Application Steps:

1

Applicant must contact the PBRM office to receive an application package, 

2

Applicant must complete the application package and submit it to the PBRM office.

Documentation Needed: 

Applicants must submit:

  1. 1
    Program Claim Form;
  2. 2
    copies of all invoices for eligible project costs,
  3. 3
    proof of payment for each invoice,
  4. 4
    the Program Funding Registration, if they are new to agriculture funding programs.

Other Things to Note:

There is limited funding for the Agriculture Business Advancer Program. To request an application package, contact the Programs and Business Risk Management office.

Program Contact:

Agriculture Business Advancer Program

Agriculture_Business_Advancer_Guidelines.pdf