Business Development

NBIF AI Pre-voucher

Amount:

$20,000.00

Type of Program:

Grants

Description:

The purpose of the AI Pre-Voucher Fund is to help foster the creation of new industry-academia collaborations by allowing an industry partner to explore a small project related to an artificial intelligence (AI) application with an academic partner, at no cost. The project must center around the use of applied AI to solve an industrial problem, with the potential to advance the industry partner’s problem definition through to at least a proof of concept within a nine month time frame.

Comments on Funding:

Funding is in the form of a pre-voucher up to a maximum size of $20,000. No leverage is required.

When It Ends:

Ongoing

Deadline:

August 16, 2022

Eligibility:

The industry partner must:

have demonstrated revenue from FY20-21 and would be in a position to make a cash contribution to a project within the next 12 months,
have not previously contributed cash to a research project with the proposed PI,
have physical operations in NB and is incorporated in Canada,
have not previously used this NBIF AI pre-voucher program.

The PI:

must be an eligible NBIF grant holder at an NB research institution,
The PI or someone on their team must have some expertise in artificial intelligence, as demonstrated by any combination of their CV, previous AI projects, and/or peer-reviewed articles.

Application Steps:

Applicants must submit their applications and supporting documents via the NBIF Research Portal.

Other Things to Note:

New funding for this program will be released approximately every 3 months.

Program Contact:

Artificial Intelligence Fund

AI Pre - Voucher Application Portal

AgriInsurance

Amount:

$10,000.00

Type of Program:

Grants

Description:

AgriInsurance is designed as a management tool to provide producers with income protection against uncontrollable natural perils. Coverage offered to producers is available under two scenarios. Under both options, the producer’s investment is protected against the effects of drought, excessive moisture, wind, frost, hail, snow, wildlife, disease and insects. The following vegetable crops are designated as insurable crops under the Newfoundland and Labrador AgriInsurance Program: beet, cabbage, carrot (grown on mineral or peat soil), parsnip, potato (grown from certified class seed or better; locally grown certified seed as well as imported certified seed are eligible - exclusion: Russet Burbank is not eligible for coverage) and rutabaga.

Comments on Funding:

Coverage offered to producers is available under two scenarios:

the first is based on the producer’s pre-harvest cost of production,
the second is based on 70% of the five year average market price for the crop.

When It Ends:

Ongoing

Deadline:

April 30

Eligibility:

The applicant must:

be a Canadian citizen or permanent resident at least 19 years of age,
be an individual or recognized legal entity capable of entering into a contractual agreement with the Government of Newfoundland and Labrador,
be producing crop(s) on land in Newfoundland and Labrador.

Application Steps:

Applicants:

will receive AgriInsurance applications during the first week of April,

should contact their area Agricultural Inspector or their area Agricultural Representative, if they do not receive an application by mail,

must send the completed forms to Newfoundland and Labrador Crop Insurance Agency.

Documentation Needed:

Applicants must submit:

1
the application form,
2
a crop rotation plan,
3
all potato seed tags at the beginning of the crop year, if potato producers,
4
blight control intentions,
5
crop reports.

To initiate a claim, the producer must:

1
file a Notice of Crop Damage and Request for Inspection,
2
submit a Report on Notice of Crop Damage and Request for Inspection,
3
submit the Final Claim report.

Other Things to Note:

The Canada – Newfoundland and Labrador AgriInsurance Program is funded by the Canadian Agricultural Partnership.

Program Contact:

AgriInsurance - Fisheries, Forestry and Agriculture

AgriInsurance-Producer-Handbook-2021-22.pdf

Enriched Investment Tax Credit

Amount:

No Fixed Amount

Type of Program:

Tax Credit

Description:

The Enriched Investment Tax Credit adds to the existing PEI Investment Tax Credit of 10%. It is applied to certain capital investments by manufacturing and processing companies. An enriched tax rebate for an additional 25% tax credit will be available for manufacturing and processing companies that invest in qualified property to implement high-productivity applications with a strong export focus.

Comments on Funding:

Funding is a tax rebate for an additional 25% tax credit.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

be located in Prince Edward Island,
be registered to do business and actively operating in Prince Edward Island,
manufacture, process, or develop goods or services primarily for export,
intend to make a qualified investment in qualified property to implement high-productivity applications with a strong export focus,
not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry,
operate within one of these strategic sectors: bioscience, aerospace and defence, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, creative and cultural industries (first-of-its-kind exportable goods or services in other sectors may be considered).

Application Steps:

are encouraged to consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process,

must claim the 10% investment tax credit without reference to government beyond the completion of the appropriate form with their corporate income tax return,

must apply for the additional 25% tax rebate under the Enriched Investment Tax Credit through Innovation PEI, prior to purchasing the qualified property,

must accept the Letter of Offer, if offered,

must submit a cost summary to verify the amount of the qualifying property, on completion of the purchase and implementation of the machinery and equipment investment. Once the amount of qualifying property has been confirmed, the amount of the tax credit will be calculated,

must submit the company’s annual income tax filing and notice of assessment, to Innovation PEI, for the rebate cheque to be issued.

Documentation Needed:

Applicants must submit:

1
the online application form,
2
a description of the business and an outline of its history,
3
Financial Statements for the previous two years, if existing business,
4
a completed business plan, if new businesses,
5
description of the proposed project or activity in relation to the products and/or services delivered by the business,
6
detailed description of the economic benefits to the organization and to Prince Edward Island,
7
detailed information on the estimated costs of the proposed project or activity (cost estimates should be supported by written quotations),
8
source of funds for the project (for example, lending institutions, banks, government loans and/or grants),
9
explanation of the business's current market position and projected market, outlining any increases in market share,
10
a list of all shareholders and key management personnel.

Program Contact:

Enriched Investment Tax Credit

Enriched Investment Tax Credit Guidelines

Share Purchase Tax Credit

This program is currently closed.

Amount:

$35,000

Type of Program:

Tax Credit

Description:

The Share Purchase Tax Credit provides a tax rebate to a Prince Edward Island personal individual, aged 19 or over, who invests in an eligible Prince Edward Island company. The company issuing the eligible share must apply for the Share Purchase Tax Credit.

Comments on Funding:

Funding is a tax rebate on Prince Edward Island personal income tax in the amount of 35% of the value of an eligible investment in an eligible PEI corporation.
The maximum credit that an individual may claim in any taxation year is $35,000.

When It Ends:

Closed

Deadline:

Rolling deadline

Eligibility:

The applicant must:

a Prince Edward Island company,
active in a strategic sector such as: export-focused manufacturing and processing, interactive, information and communication technology, aerospace, life sciences, renewable energy,
permanently established in the province with 75% or more of its payroll to employees residing in Prince Edward Island.

Application Steps:

The applicant/company must:

apply to Innovation PEI for a Share Purchase Tax Credit certificate by completing the Business Development Application (pdf or online). If the application meets the criteria, Innovation PEI will issue a Share Purchase Tax Credit certificate to the company, setting out the cost of the qualified share and other information.

provide the certificate to the investor upon receipt of compensation for the share.

The investor can claim the rebate by submitting the Share Purchase Tax Credit certificate with the investor's notice of assessment to Innovation PEI. Application must be submitted before any financial or legal commitment is made on the project.

Documentation Needed:

The applicant must submit:

the compiled application form,
a business and a marketing plan project,
a feasibility or market study,
a competitive analysis,
a Resume,
the consultant’s proposal(s) and the study’s terms of reference, if the application concerns a study.

Other Things to Note:

The program is not listed among Innovation PEI programs.

Program Contact:

All Programs - Innovation PEI

Tourism Interest Relief Program

Amount:

$700,000.00

Type of Program:

Interest Relief

Description:

The Tourism Interest Relief Program provides assistance to Island tourism operators. The assistance provided will equal the amount of interest expense incurred or paid on term debt, for each month from April 1, 2020 to September 30, 2022. Assistance will also be provided equal to the amount of unsubsidized interest expense incurred or paid on property taxes for eligible properties for the period from June 1, 2021 to December 31, 2021 in which the tourism operator demonstrates they have been applied for the Canada Emergency Rent Subsidy (CERS).

Comments on Funding:

Eligible companies can receive up to 100% of their interest from their term debt up to $250,000. Once a company hits the $250,000 threshold, only 50% of the company's outstanding term debt interest will be eligible until they reach $700,000.

The maximum cumulative interest relief to be provided to any one business is limited to the lower of:

1
total revenue reported by the business for income tax purposes in the previous year; or
2
$700,000.

When It Ends:

Ongoing

Deadline:

September 30, 2022

Eligibility:

Applicants must:

be for-profit corporations, partnerships and sole proprietorships operating within one of the following sectors:

licensed tourism accommodations used primarily for business activity (e.g. hotel, motel, bed and breakfast, inn, resort, cottage operations, campgrounds);
food and beverage service (e.g. restaurant, bar, brewery);
local artisans and artists (e.g. pottery, artwork);
locally-owned retail and gift shops that cater primarily to tourism;
attractions (e.g. museum);
tourism service/experience providers;
event companies;
adventure (e.g. kayaking, amusement park, golf); and/or
tour operators.

demonstrate either:

a minimum 30% decrease in tourism related revenues from operations located in Prince Edward Island compared to the same month in the prior year; or
that the operation had no tourism revenue.

have the physical tourism operation and head office located on Prince Edward Island.

Only non-revolving, term debt incurred on or before April 1, 2020 with a financial institution is eligible for interest relief under the term debt portion of this program.

Application Steps:

must submit the online application and the required supporting documentation,

must complete the online application for "Request Subsequent Relief Payments" for each subsequent month you request relief, if the initial application was approved,

upon approval of the initial application under the Tourism Interest Relief Program, Finance PEI and Tourism PEI will process payment of interest relief with respect to interest on term debt on approved monthly claims submitted.

Documentation Needed:

Applicants must submit:

1
the completed online application for “Tourism Interest Relief” from Finance PEI and Tourism PEI,
2
monthly financial statements demonstrating a negative impact in PEI-generated tourism revenues each month via either:

a minimum 30% decrease in tourism related revenues from PEI operations compared to the same month in the prior year; or
no tourism revenue for the month.

3
proof of CERS application including subsidy rates in effect for the June 1, 2021-December 31, 2021 period, if applying for property tax interest relief,
4
completed authorization to release property tax information, if applying for property tax interest relief,
5
property tax bills for properties used in the applicant’s tourism operation on which they are seeking property tax interest relief, along with a certification that the properties are used in the applicant’s tourism operation, if applying for property tax interest relief,
6
term debt agreements with financial institutions (including, but not limited to, mortgage documents),
7
documentation to confirm that debt was incurred for the purpose of earning income on PEI for tourism activities,
8
completed Tourism Interest Relief Program Pre-Authorization for Credit Transactions Form,
9
additional documentation might be required.

Program Contact:

Tourism Interest Relief Program