
Advanced Marine Technology Tax Rebate
PE, Canada
Tax credit for marine technology companies
grant_single|update January 24, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 3, 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 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.
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
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.
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|apply
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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
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