Atlantic Canada Business Grants

Equipment or Property (lease or buy)

Nova Scotia Capital Investment Tax Credit (CITC)

by |

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

Fisheries Loan Guarantee Program

by |

Amount:

$3,000,000

Type of Program:

Loan Guarantee

Description:

The Fisheries Loan Guarantee Program supports the development of the province's independent fish harvesting industry by providing a government guarantee on loans through local chartered banks for the construction or purchase of marine vessels and/or to purchase new engines and fishing equipment for the improvement, rebuilding or alteration of existing vessels. Loans may also be approved to refinance loans previously obtained from fish processors for fixed asset costs.

Comments on Funding:

The program offers loan guarantees for combining of enterprises up to $3 million; vessel-related items up to $2 million, and license acquisitions up to $1,5 million.
The Provincial Government’s guarantee can provide up to 100% of an outstanding loan.
Guaranteed loans are offered at the financial institution prime rate, as negotiated between the harvester and the lender, to a maximum of prime plus 2% or 2.5%, depending on the term of the loan.
10-15% down payment and adequate security are required. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be entities, individuals or groups,
  • be a Canadian citizen/entity and a resident of Newfoundland and Labrador,
  • harvesters must be registered full time as certified by the Professional Fish Harvesters Certification Board and eligible to hold a commercial fishing license,
  • have a favorable credit record and demonstrate commercial viability, including the ability to repay the loan.

Application Steps:

1

Applicants must apply directly to the financial institution, which in turn will request the guarantee from the Provincial Government.

Documentation Needed:

Applicants must submit: 

  1. 1
    the Fisheries Loan Guarantee Application Form;
  2. 2
    previous and current years income and expense statements (income tax returns are acceptable);
  3. 3
    two years forecast of revenues and expenses;
  4. 4
    details of historical and forecast revenues according to: species, volumes and price; and
  5. 5
    a recent balance sheet detailing the businesses assets and liabilities, if incorporated.

Program Contact:

Fisheries Loan Guarantee Program

Fisheries Loan Guarantee Application

fisheries_loan_insert.pdf

Agriculture Business Advancer

by |

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

“Fast Tracktor” – Equipment Financing

by |

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Fast Tracktor authorization is an equipment purchasing loan for Nova Scotia farmers requiring new or used equipment to sustain their operation. 

Comments on Funding:

The applicant will pay interest and other fees, if applicable.
The amortization will depend on the life expectancy of the equipment. Normally equipment amortizations wouldn't exceed 10 years.
The Fast Tracktor line of credit would be secured by real estate; quota; equipment and applicable personal and corporate guarantees. Loan to Value not to exceed 70%

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must be:

  • existing NSFLB clients who have real estate mortgages currently in place with the Board, or
  • new clients who are willing to provide the Board with real estate security in addition to the purchased equipment.

Application Steps:

Applicant must:

1

Applicants must complete the application form on their own, or call for a loan officer to assist or review it with them.

2

Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.

Documentation Needed: 

Applicants must submit:

  1. 1
    a completed application form;
  2. 2
    a full Business Plan;
  3. 3
    Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
  4. 4
    a summary of their education, training, work and farm experience, and a description of your current farm program and marketing program, if New Clients to Nova Scotia Farm Loan Board;
  5. 5
    Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
  6. 6
    Completed Group Life Insurance Application Form for at least one applicant (contact your local office for application forms), or written confirmation of Life Insurance through a private policy assigned to the Nova Scotia Farm Loan Board.
  7. 7
    Quota Information Declaration Form if applicable.
  8. 8
    Specific information for each business type, as following:
  • Sole Proprietor: Last 3 years Income Tax Return & Statement of Net Worth and/or 3 years’ financial statements.
  • Joint Tenants (Spouses): Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements.
  • Partnership: Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements. AND Signed Copy of a Legal Partnership Agreement.
  • Incorporated Business: 
  • Last 3 years, accountant prepared business financial statements,
  • Copy of Company’s Borrowing Resolution Certified by the Registry of Joint Stocks,
  • Copy of Signed Shareholders Agreement,
  • Completed Company Shareholder Information Summary Form.
  1. 9
    Copy of Bill of Sale / Sales Contract of the purchased equipment;
  2. 10
    Details (Make, Model, Year etc.) and Serial Numbers of Equipment to be Purchased.
  3. 11
    A copy of the Notice of Assessment issued by the Canada Revenue Agency;
  4. 12
    Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
  5. 13
    Quotes or invoices from supplier.

Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.

Other Things to Note:

No other details available.

Program Contact:

Fast Tracktor - Equipment Financing | Nova Scotia Farm Loan Board

How to Apply | Nova Scotia Farm Loan Board

Fixed Farm Mortgage

by |

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Fixed Farm Mortgage is a fixed rate interest loan for Nova Scotia farmers which can be used for purchasing an operational farm or additional farm land, for construction of farm buildings for livestock housing or other construction projects such as: greenhouse facilities, milking parlors, silos, manure systems, land clearing, or drainage. 

Comments on Funding:

The applicant will pay a fixed rate interest and other fees, if applicable.
Repayment can be amortized over any period from 1-30 years and the repayment schedule can also be tailored to fit the cash flow of a farm.

The Farm Mortgage is typically secured by real property, livestock, quota, equipment and applicable guarantees.
Creditors Life Insurance is available for the full amount of the loan.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

  • existing producer
  • new prospective farmers

Application Steps:

Applicant must:

1

Applicants must complete the application form on their own, or call for a loan officer to assist or review it with them.

2

Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.

Documentation Needed: 

Applicant must:

  1. 1
    a completed application form;
  2. 2
    a full Business Plan;
  3. 3
    Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
  4. 4
    a summary of their education, training, work and farm experience, and a description of your current farm program and marketing program, if New Clients to Nova Scotia Farm Loan Board;
  5. 5
    Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
  6. 6
    Completed Group Life Insurance Application Form for at least one applicant (contact your local office for application forms), or written confirmation of Life Insurance through a private policy assigned to the Nova Scotia Farm Loan Board.
  7. 7
    Quota Information Declaration Form if applicable.
  8. 8
    Specific information for each business type, as following:
  • Sole Proprietor: Last 3 years Income Tax Return & Statement of Net Worth and/or 3 years’ financial statements.
  • Joint Tenants (Spouses): Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements.
  • Partnership: Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements. AND Signed Copy of a Legal Partnership Agreement.
  • Incorporated Business: 
  • Last 3 years, accountant prepared business financial statements,
  • Copy of Company’s Borrowing Resolution Certified by the Registry of Joint Stocks,
  • Copy of Signed Shareholders Agreement,
  • Completed Company Shareholder Information Summary Form.

Additional documentation in case of Property Purchase:

  1. 1
    Signed Agreement of Purchase and Sale;
  2. 2
    Quota Exchange Results (Dairy Quota);
  3. 3
    Authorization for transfer of quota;
  4. 4
    Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable, at time of closing.

Additional documentation in case of Construction / Development:

  1. 1
    At the application stage: 
  • Itemized Costs and
  • Plans / Drawings. 
  1. 2
    Prior to disbursement of funds:
  • Evidence of costs (invoices or receipts),
  • Copy of Building permit,
  • Location Certificate.
  1. 3
    Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable.

Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.

Other Things to Note:

No other details available.

Program Contact:

Fixed Farm Mortgage | Lending Products | Nova Scotia Farm Loan Board

How to Apply | Nova Scotia Farm Loan Board