Advanced Marine Technology Tax Rebate
PE, Canada
Tax credit for marine technology companies
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 03, 2015
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- Manufacturing
- Professional, scientific and technical services
grant_single|grantors
- Innovation PEI
- Government of Prince Edward Island
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a yearly rebate on all corporate income tax paid to the province of Prince Edward Island to engage in the research, development, manufacturing and exporting of AMT products and services.
grant_single_labels|projects
This grant specifically targets companies located within the region of Prince Edward Island. The eligibility aligns with regional efforts to strengthen the economic impact of the advanced marine technology sector.
- Companies operating within Prince Edward Island, Canada.
grant_single|admissibleProjectsExample
$600,000
Manufacturing eco-friendly underwater drones for oceanographic research
$850,000
Researching sustainable aquaculture technologies for coastal communities in St John's
$1,250,000
Establishing an export hub for Canadian marine technology firms
$1,000,000
Developing an AI-based navigation system for autonomous marine vessels
$1,500,000
Exporting low-cost, high-efficiency marine engines to international markets from Montreal
$950,000
Designing and testing lightweight composite materials for marine construction
grant_single_labels|admissibility
Eligibility for the Advanced Marine Technology tax rebate is determined by specific criteria related to the company's operation and workforce.
- The company must be a new or existing advanced marine technology company based in Prince Edward Island.
- The company must have a minimum of 15 staff employed in PEI and a minimum payroll of $700,000 per annum.
- The company must be working within the advanced marine technology sector and exporting from PEI.
- The company must fit within the Province of Prince Edward Island’s definition of the eligible Advanced Marine Technology sector, which includes having proven research capacity in developing innovative marine technology for global applications.
- The company must be engaged in the research and development, manufacture, and export of advanced marine technology products and services from Prince Edward Island for export beyond PEI.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the Advanced Marine Technology tax rebate include new and existing advanced marine technology companies in Prince Edward Island that meet certain criteria. These criteria are:- Have a minimum of 15 PEI staff.- Maintain a minimum payroll of $700,000 per annum.- Be engaged in activities within the AMT sector and export from PEI.These companies must also align with the Province of Prince Edward Island’s definition of the eligible Advanced Marine Technology sector, which includes having proven research capacity, developing innovative marine technology for global applications, and being involved in research and development, manufacturing, and exporting advanced marine technology products and services from Prince Edward Island for offshore markets. This information is not exhaustive and does not cover all policies of Innovation PEI. Not all projects that meet these criteria will necessarily receive funding, and consultation with Innovation PEI staff is advised for specific guidance.
grant_eligibility_criteria|who_cannot_apply
This grant does not specify ineligibility criteria or restrictions for certain types of companies or industries. The lack of detailed exclusions suggests broad eligibility within the advanced marine technology sector, as defined by Innovation PEI.
grant_eligibility_criteria|eligible_expenses
The Advanced Marine Technology tax rebate supports projects and activities focused on the research, development, manufacturing, and export of advanced marine technology products. These initiatives are crucial for fostering innovation and expanding the global reach of PEI's marine technology sector.
- Research and development of innovative marine technology for global applications.
- Manufacture of advanced marine technology products in Prince Edward Island.
- Export of advanced marine technology products and services from Prince Edward Island.
grant_eligibility_criteria|zone
Eligible geographic zones for the Advanced Marine Technology (AMT) tax rebate are restricted to Prince Edward Island in Canada. Companies must establish operations within this province to qualify for the rebate.
- Prince Edward Island, Canada
grant_single_labels|criteria
There are specific criteria for evaluation and selection outlined for the Advanced Marine Technology tax rebate. Eligible companies must meet these criteria to benefit from the tax rebate.
- New and existing advanced marine technology companies in Prince Edward Island
- Minimum of 15 PEI staff
- Minimum payroll of $700,000 per annum
- Working within the advanced marine technology sector
- Engaged in the research and development, manufacture, and export of advanced marine technology products and services from PEI
- Proven research capacity developing innovative marine technology for global applications
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Contact Innovation PEI
- Reach out to an Innovation PEI staff member at the contact information provided for guidance specific to your company's situation.
- Discuss your eligibility and any specific information required for the application.
- Step 2: Gather Required Documentation
- Prepare documentation proving your company's eligibility, such as proof of PEI staffing levels, payroll records, and financial documentation.
- Include any documentation regarding research capacity and export activities.
- Step 3: Prepare Application Package
- Compile a comprehensive application package including your business plan and details of your marine technology innovations.
- Ensure all information aligns with the eligibility criteria of the AMT tax rebate.
- Step 4: Submit Application
- Submit your application package to the appropriate department using the contact details provided.
- Consider calling or emailing to confirm receipt of your application.
- Step 5: Follow-Up
- Await confirmation of the application review process.
- Be prepared to provide additional information if requested by Innovation PEI.
grant_single_labels|otherInfo
The Advanced Marine Technology (AMT) tax rebate aims to support the growth of marine technology companies in Prince Edward Island through a 10-year tax rebate on corporate income tax. It encourages new and existing AMT companies to establish operations in PEI, fostering innovation and economic growth.
- The 10-year tax rebate took effect on July 3, 2015.
- Eligible companies must have a minimum of 15 PEI staff and a minimum payroll of $700,000 per annum.
- The initiative is modeled after the successful aerospace industry tax rebate in PEI.
- PEI has four ports and marine-based training programs at Holland College to support the AMT sector.
- The AMT sector accounted for 8.3% of the province's total exports in 2015.
- Doug MacDonald is the primary contact for inquiries about this grant.
grant_single_labels|contact
business@gov.pe.ca
(902)368-6300
Apply to this program
Unlocking Growth in Advanced Marine Technology in PEI
The Advanced Marine Technology Tax Rebate aims to bolster the marine technology sector within Prince Edward Island by offering a full rebate on corporate income tax for eligible companies. With a thriving marine technology ecosystem in place, this initiative seeks to mirror the success of the aerospace industry, driving regional economic growth.
A Deep Dive into the Advanced Marine Technology Tax Rebate Initiative
The Advanced Marine Technology Tax Rebate is a pivotal program designed to stimulate the marine technology sector in Prince Edward Island by providing significant financial incentives. The initiative is strategically modeled to echo the triumphs observed in the aerospace sector within the province. It targets companies involved in advanced marine technology endeavors by offering a full rebate on corporate income tax for a decade—this offers a substantial financial relief to qualified companies, reducing operational costs and enabling them to reinvest in further research and development activities.
Since its inception on July 3, 2015, the rebate program has emerged as a cornerstone in fostering a thriving marine technology cluster on the island. This initiative capitalizes on the province's four ports and the marine-centric educational programs at Holland College, creating a robust support system that caters to the burgeoning needs of the sector. With substantial transformations observed in less than five years, the sector has evolved from nascent activities generating under $5 million to a thriving industry boasting revenues exceeding $100 million, alongside significant employment growth comprising nearly 200 staff.
This tax rebate program embodies Prince Edward Island’s dedication to nurturing innovation and technological advancement, particularly in undertakings that enhance the island’s global competitiveness in marine technology exports. Companies eligible for this rebate are those that engage in rigorous research and development, manufacturing, and deployment of marine technology solutions crafted for global markets. Not only must these enterprises have a proven track record of innovation, but they must actively contribute to the island’s economic landscape through local employment and infrastructure utilization.
This visionary approach by the province is not just about economic metrics; it is about shaping a high-impact industry that aligns with PEI’s long-term economic strategy. It leverages both academic and practical infrastructure on the island, including the new engineering school at the University of Prince Edward Island. This collaboration between government, academia, and industry reinforces the island's commitment to becoming a hub for marine technology innovations, attracting both national and international stakeholders.
The rebate scheme also sets the stage for aligning strategic economic imperatives with practical industry growth, ensuring that local labor markets are enriched while maintaining a focus on developing cutting-edge technology for oceanic applications. By relieving corporate tax burdens, it facilitates an environment conducive to pioneering advancements and enhanced commercialization opportunities, ensuring enduring economic prosperity.
A central pillar of this initiative is its role in building a skilled workforce tailored for the industry's future demands. By fostering local talent through targeted education and training programs, the rebate ensures that the sector remains well-equipped to meet evolving technological challenges, thereby securing its place on the global stage. This symbiotic relationship between innovation-driven companies and educational institutions is key to sustaining an industry that’s both resilient and adaptive.
Overall, the Advanced Marine Technology Tax Rebate program signifies a forward-thinking investment in Prince Edward Island’s economic future. It not only incentivizes immediate business growth but also catalyzes a comprehensive ecosystem that champions research excellence and market expansion. By embracing this opportunity, PEI stands primed to cement its status as a leader in marine technology, ultimately fostering a more vibrant and sustainable economic landscape for the region.
