Atlantic Canada Business Grants

Innovation PEI

Capital Acquisition Assistance

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Amount:

$25,000

Type of Program:

Grants

Description:

Capital Acquisition Assistance supports Prince Edward Island businesses investing in technology, equipment, and infrastructure needed to grow their business and increase capacity and competitiveness.

Comments on Funding:

The program provides up to 25 per cent of the eligible costs to a maximum of $25,000 assistance.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a Prince Edward Island business,
  • be registered to conduct business and actively operating in Prince Edward Island,
  • be manufacturing, processing, or developing goods or services primarily for export,
  • 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),
  • not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry. 

Application Steps:

1

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

2

complete the online application form. 

Documentation Needed: 

The applicant must submit:

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

Program Contact:

Capital Acquisition Assistance

Enriched Investment Tax Credit

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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:

1

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

2

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

3

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

4

must accept the Letter of Offer, if offered, 

5

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, 

6

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

Other Things to Note:

No other details available.

Program Contact:

Enriched Investment Tax Credit

Enriched Investment Tax Credit Guidelines

Equity Investors Incentive

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Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The Equity Investors Incentive provides new and expanding businesses in Prince Edward Island with a tool to encourage and attract private sector investment. The program provides a non-repayable incentive to investors to encourage investment in an approved Prince Edward Island-based investee business by increasing the return-on investment to investors.  

Comments on Funding:

Funding is in the form of a direct rebate to investors (individuals or companies) and is calculated at up to 20 percent of the purchase price of the equity investment in the investee company. The maximum investors’ rebate for all eligible investors will not exceed $200,000 per approved investee company.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

An eligible investee company must:

  • be a taxable, private Canadian corporation,
  • be registered to do business in Prince Edward Island,
  • have its head office and its primary business operations in Prince Edward Island,
  • have been in operation in PEI for a minimum of one year,
  • be a provider of exportable goods or services in one of the following strategic sectors: bioscience, aerospace and defense, 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),
  • pay at least 75% of its payroll to employees residing in Prince Edward Island and must have ewer than 50 employees,
  • have assets less than $10 million,
  • ensure compliance with securities legislation,
  • have a well-developed business plan and demonstrate appropriate use of funds raised to support expansion and/or ongoing operations in Prince Edward Island,
  • not have any defaulted outstanding debt obligation on file in the Government of Prince Edward Island Central Default Registry.

Eligible investors include: any Canadian person, Canadian-controlled private corporation or other Canadian-controlled company that is at arm’s length to the investee company as defined under Section 251 of the Income Tax Act (Government of Canada). 

Application Steps:

Applicants: 

1

must submit the online application form, 

2

must accept the letter of offer forwarded to them which shall create a contract between Innovation PEI and the applicants. 

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Equity Investor Incentive Guidelines will be available soon upon approval.  

Program Contact:

Equity Investors Incentive

Export Trade Assistance

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Amount:

$3,000.00

Type of Program:

Grants

Description:

The Export Trade Assistance provides a grant to active exporters and export ready companies on Prince Edward Island. Support may be available for Innovation PEI’s Global Trade coordinated trade activities, including virtual trade initiatives, focused on international and domestic exporting; and bringing buyers and business partners to Prince Edward Island to strengthen business relationships or close sales.

Comments on Funding:

Funding for travel related activity is up to 40% of pre-determined eligible costs for participation in approved Innovation PEI Global Trade coordinated trade activities, including outbound trade missions and trade shows.

Funding for virtual trade activity is up to 40% of pre-determined eligible costs, to a maximum Innovation PEI contribution of $3,000, to assist a business to prepare for and participate in Innovation PEI Global Trade coordinated activities within the virtual trade environment resulting from COVID-19.

Funding for incoming buyers assistance is up 75% of pre-determined eligible costs, to a maximum Innovation PEI contribution of $3000, to bring a qualified buyer/partner to the province for a facility visit or familiarization tour. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be active exporters and export ready companies,
  • be registered to conduct business and actively operating in Prince Edward Island,
  • export products and/or services that they manufacture, process, or develop primarily for export,
  • operate within one of these strategic sectors: bioscience, aerospace and defense, advanced manufacturing and processing, food, seafood, beverage processors/manufacturers, renewable energy and clean technology, information and communications technology, professional services and creative and cultural industries, (First-of-its-kind exportable services in other sectors may be considered),
  • not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

1

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

2

must submit their application forms to be reviewed by Innovation PEI before any financial or legal commitment is made on the project,

Documentation Needed:

The applicant must submit: 

  1. 1
    the online application form,
  2. 2
    a description of the business and an outline of its history,
  3. 3
    annual sales and market details,
  4. 4
    a description of the proposed project or activity in relation to the products and/or services delivered by the business,
  5. 5
    a detailed description of the economic benefits to the organization and to Prince Edward Island,
  6. 6
    detailed budget of estimated costs of the proposed project or activity (cost estimates should be supported by written quotations),
  7. 7
    export details i.e. per cent of business is export, largest export markets (3), markets of interest. 

Other Things to Note:

Incoming Buyers Assistance program became part of this program.

Program Contact:

Export Trade Assistance

Food Product Development Assistance

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Amount:

$50,000.00

Type of Program:

Grants

Description:

Food Product Development Assistance is available to Prince Edward Island businesses to access professional and technical assistance in creating or improving a new food product or process. This assistance can be used to develop and test new and improved products and processes, and other technical development-related activities. 

Comments on Funding:

The funding is 50% of project costs to a maximum contribution of $50,000 per business. Multiple projects may be submitted by one business; however, the maximum approval amount to one business in a twelve month period will not exceed $50,000. The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must: 

Application Steps:

1

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

2

must submit the application online before any financial or legal commitment is made on the project, 

3

must accept the letter of offer forwarded to them which shall create a contract between Innovation PEI and the applicants.

Documentation Needed: 

The applicant must submit: 

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

Other Things to Note:

No other details available.

Program Contact:

Food Product Development Assistance