How much funding can be received?

Funds up to 83% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Advanced Marine Technology Tax Rebate?

Advanced Marine Technology Tax Rebate is funded by Innovation PEI, Government of Prince Edward Island

What are Advanced Marine Technology Tax Rebate's eligibility criterias?

The company must be an advanced marine technology business operating in Prince Edward Island. The company must employ at least 15 staff in PEI and have a minimum payroll of $700,000 per annum. The company must be involved in exporting products or services from Prince Edward Island.

Advanced Marine Technology Tax Rebate

Last Update: January 24, 2025

PE, Canada

Tax credit for marine technology companies

Advanced Marine Technology Tax Rebate at a glance

Eligible Funding

Up to 83% of project cost

Timeline

Open Date : July 3, 2015

Financing Type

Tax Credits

Eligible Industries

Manufacturing
Professional, scientific and technical services

Grant Providers

Innovation PEI
Government of Prince Edward Island

Status

Open

Overview of the Advanced Marine Technology Tax Rebate program

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.

Eligible projects & activities

This tax rebate encourages advanced marine technology companies to establish operations in Prince Edward Island by offering financial incentives. Eligible activities are focused on research, development, manufacturing, and export within the marine technology sector.

Research and development of innovative marine technology for global applications.
Manufacture of advanced marine technology products for export.
Exporting advanced marine technology services from Prince Edward Island.

Examples of admissible projects:

$ 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

Eligibility criteria of the Advanced Marine Technology Tax Rebate program

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.

Who is eligible?

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.

Who is not eligible

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.

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.

Eligible geographic areas

The grant is available to companies operating in geographical areas that coincide with the development initiatives within Prince Edward Island. Eligible locations are strategically chosen to bolster the provincial advanced marine technology sector.

Prince Edward Island, Canada.

Eligibility criteria of the Advanced Marine Technology Tax Rebate program

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

How to apply to the Advanced Marine Technology Tax Rebate program

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.

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.

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.

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.

Follow-Up

Await confirmation of the application review process.
Be prepared to provide additional information if requested by Innovation PEI.

Additional information

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.

Contact Innovation PEI

business@gov.pe.ca

(902)368-6300

Apply to this program

Funding to explore new global opportunities in PEI