Individuals

Downtown Housing Incentive Program

Amount:

$10,000.00

Type of Program:

Grants

Description:

The Downtown Housing Incentive Program provides funding to attract and retain downtown residents by incentivizing the creation of new housing in the Business Improvement Areas.

Comments on Funding:

Funding is up to $10,000.00 per qualified dwelling unit.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must have a registered ownership interest in the property named in the application based on the Service NB Property Account Number (PAN).

Eligible projects:

must be located within the Business Improvement Area (BIA),
shall consist of the construction of new self-contained residential units with a minimum area of 55.7 m2 (600 ft2) and an average area of 74.3 m2 (800 ft2) within the project,
can include new buildings or existing buildings however the incentive will be applicable to the creation or addition of new self-contained units only.
must not be underway prior to the approval of the incentive application,
properties outlined in the application must not be in arrears in taxes, municipal utilities or any other municipal charges,
must meet or exceed all requirements of the City of Miramichi Zoning Bylaw #91 and building code requirements as determined by the GMRSC – Planning Services,
that include a commercial property, must have the BIA Levy for the subject property (PAN) up to date and paid in full for the previous taxation year,
must not include properties which received money from this program during the previous two (2) calendar years.

Application Steps:

contact the City of Miramichi, Department of Economic Development & Tourism to discuss the program and determine pre-eligibility,

complete a signed Application form provided by the Department including all necessary supporting documentation as required on the application.

Documentation Needed:

Applicants must submit:

1
the completed application form,
2
a complete project description,
3
a detailed project budget,
4
detailed plans (site plan, floor plans, façade details, etc.),
5
planning permit (if required),
6
copy of most recent property assessment notice from service NB,
7
construction schedule (start and finish date),

Other Things to Note:

Grants will be available until the budgeted amount of this program has been depleted for any calendar year.

Program Contact:

City of Miramichi - Municipal Grants

Development-Incentive-E.pdf

Immigrant Loan Program

Amount:

$20,000.00

Type of Program:

Loan

Description:

Immigrant Loan Program is a pilot project that offers financing for temporary residents wishing to start a registered business in the area.

Comments on Funding:

Funding is up to $20,000 and is available in the form of repayable loan. Fixed interest will be charged at prime rate plus 3%.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicant must:

temporary residents,
aged 19 or older,
be wishing to start a registered business (seasonal and part-time businesses are acceptable).

Application Steps:

Applicants must submit their completed applications to patricia.macneil@cbdc.ca at Coastal Business.

Documentation Needed:

Applicants must submit the completed application form and the following documents:

business plan,
resume,
copy of canadian visa and study/ work permit (if applicable),
photo identification.

Other Things to Note:

The exact geographical area is not mentioned.

Program Contact:

Immigrant Loan Program - Pilot Project

APPLICATION Immigrant Loan Program (ILP)

Venture Capital Tax Credit

Amount:

$75,000

Type of Program:

Tax Credit

Description:

The Venture Capital Tax Credit Program (VCTC) is a provincial non-refundable tax credit available for both individual and corporate investors, but not trusts, equal to 30% of the amount invested in the qualifying venture capital fund (QVCF) through the purchase of limited partnership units or newly issued shares.

Comments on Funding:

Funding is a non-refundable tax credit equal to 30% of the amount invested in a Qualifying Venture Capital Fund.
The maximum tax credit available to a qualifying investor is $75,000. As a non-refundable tax credit, the VCTC can be carried back 3 years and forward 7 years (but not prior to 2014).

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be individual or corporate investors that purchase shares in the fund, which then uses capital raised from investors to make equity investments in qualifying businesses (business activities include intellectual property, information technology, clean, ocean and marine technologies, life sciences and new media sectors and manufacturing and processing of value-added goods for export),
hold the shares for a minimum 5 years or the tax credit has to be repaid in proportion to the amount of time the shares were held

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Decisions on investments will be made by the fund manager, Venture Newfoundland and Labrador Limited Partnership.

The Province of Newfoundland and Labrador in no way guarantees the value of any shares issued by a qualifying business under the VCTC program nor does it in any way express an opinion as to the financial condition of the issuing company or the merits of any investments made under the program.

Program Contact:

Venture Capital Tax Credit

FAQ Venture Capital Tax Credit

Insert Content Template or Symbol

Direct Equity Tax Credit

Amount:

$50,000

Type of Program:

Tax Credit

Description:

The Direct Equity Tax Credit is designed to encourage private investment in new or expanding small businesses as a means of creating new jobs and diversifying the economy. An investment credit, in the form of a provincial income tax credit, is available to individuals and arm’s length corporations who invest as shareholders in eligible small business activities.

Comments on Funding:

There are two tax credit rates:

a 35% rate applies when the qualifying activities are undertaken in the Province outside the North East Avalon,
a 20% rate applies when the qualifying activities are undertaken within the North East Avalon.

In cases where qualifying activities are undertaken in both areas, a reasonable proration applies.
The maximum annual tax credit per eligible investor is $50,000.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

individuals 19 years of age or older who are residents of Newfoundland and Labrador or otherwise paying income tax to the Province,
corporations which operate at arm’s length from the eligible business.

In order to qualify as an eligible business, a corporation shall:

be a Canadian controlled corporation and not a publicly traded corporation
have a permanent establishment in Newfoundland and Labrador
have less than $20 million in assets, including associated corporations,
utilize in the province all of the capital raised from the specified issuance,
have no more than 50 full time equivalent positions,
have at least $25,000 of either or both of shareholder equity and shareholder loans before applying for certification,
must be engaged in, and will utilize funds for, qualifying activities (technology, research and development, aquaculture, forestry and agrifoods, manufacturing and processing, export / import replacement businesses, tourism, cultural industries).

Application Steps:

Applicants must make an application to the Department of Finance to obtain certification. This verifies that the specified shares are eligible for the tax credit. Pre-approval of eligibility is required.

Applicants must submit an official tax credit receipt with the individual’s T1 Income tax return or the corporation’s T2 income tax return.

Documentation Needed:

Applicant must submit:

an official tax credit receipt,
the individual’s T1 Income tax return or the corporation’s T2 income tax return
financial statements, as required by the Minister. These statements must include an independent auditor’s statement that the corporation is in good standing and that the specified share issuance meets all the requirements of the Direct Equity Tax Credit program.
information confirming the use or disposition of capital raised under the Direct Equity Tax Credit program, to ensure compliance with requirements such as qualifying business activities and prohibited uses of funds, if requested
a detailed status report of shareholdings for five years after specified share issuances and detailed information on the directors of the investing corporation.

The following information should be included with the application:

names and addresses of all directors of the applicant corporation,
copy of the certificate of incorporation,
financial statements for the most recent year end of the corporation and all associated corporations together with a review engagement report or auditor’s report,
income tax returns and schedules for the preceding taxation year for the corporation and all associated corporations,
the amount to be raised by the specified issue,
detailed description of the proposed business activities,
detailed description of the proposed use of funds raised,
the proposed locations for the utilization of funds,
other information that the Minister may require.

Other Things to Note:

No other details available.

Program Contact:

Direct Equity Tax Credit

Direct Equity Tax Credit Guidelines

Newfoundland and Labrador Research and Development Tax Credit (Newfoundland and Labrador R&D tax credit)

Amount:

No Fixed Amount

Type of Program:

Tax Credit

Description:

The Newfoundland and Labrador R&D tax credit is administered by the Canada Revenue Agency and is fully refundable at the rate of 15% of eligible expenditures. It is available to taxpayers, including corporations and individuals, beneficiaries of a trust, and members of a partnership, with a permanent establishment in Newfoundland and Labrador, for scientific research and experimental development (SR&ED) carried out in this province.

Comments on Funding:

Funding is 15% of eligible expenditures.
The Newfoundland and Labrador R&D tax credit will reduce the federal pool of deductible SR&ED expenditures and qualified SR&ED expenditures.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be taxpayers, including corporations and individuals, beneficiaries of a trust, and members of a partnership,
have a permanent establishment in Newfoundland and Labrador,
carry out scientific research and experimental development (SR&ED) in this province and incur expenditures that are eligible for the federal Scientific Research and Experimental Development tax credits..

Application Steps:

No specific steps have been identified.

Documentation Needed:

To claim this tax credit, applicants must complete:

1
T2SCH301 Newfoundland and Labrador Research and Development Tax Credit, if they are corporations,
2
T1129 Newfoundland and Labrador Research and Development Tax Credit, if they are individuals.

Other Things to Note:

Date modified: 2022-03-17 - Source 1

Program Contact:

Research and development (R&D) tax credit

Scientific Research and Experimental Development Tax Credit