grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|projectCostPercent
grant_single|deadlines
  • grant_single|timelineUnspecified
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
  • Manufacturing
grant_single|grantors
  • Innovation PEI
  • Government of Prince Edward Island
grant_single|status
grant_card_status|open

grant_single_labels|preview

Get a provincial corporate tax credit of 25% on costs associated with qualified manufacturing and processing equipment. To be eligible, your business should be operating in a strategic sector such as bioscience, aerospace and defence, renewable energy and

grant_single_labels|projects

grant_single|admissibleProjectsExample

$ 250,000

Purchasing new machinery for bioscience research at BioTech Innovations

$ 212,500

Upgrading processing methods at Healthy Harvest Co-op

$ 300,000

Implementing advanced aerospace manufacturing techniques at AeroTech Solutions

$ 237,500

Modernizing manufacturing facilities at Northern Fabricators Ltd

$ 225,000

Acquisition of high-productivity equipment for TechnoWave Inc

$ 250,000

Installing renewable energy technology at Green Future Co-op

grant_single_labels|admissibility

Eligibility for this grant is determined by location, business operation specifics, and financial standing according to the outlined criteria.
  • The business must be located in Prince Edward Island and registered to do business and actively operating there.
  • The business must manufacture, process, or develop goods or services primarily for export.
  • The business must operate within these strategic sectors: bioscience, aerospace and defence, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, creative and cultural industries, or be a first-of-its-kind exportable goods or services in other sectors.
  • The business must not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
  • New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI must resolve these issues to be eligible.

grant_eligibility_criteria|who_can_apply

To be eligible for the Enriched Investment Tax Credit, a business must meet the following criteria:1. Location: The business must be located in Prince Edward Island (PEI).2. Registration and Operation: It must be registered to do business and actively operating in PEI.3. Type of Business: The business should be involved in manufacturing, processing, or developing goods or services primarily for export.4. Strategic Sectors: The business must operate within one of the following strategic sectors: - Bioscience - Aerospace and defence - Advanced manufacturing and processing - Renewable energy and clean technology - Information and communications technology - Creative and cultural industries - Other sectors may be considered if the business offers "first-of-its-kind" exportable goods or services.5. Debt Obligations: The business should not have any defaulted outstanding debt obligations on file in the Province’s Central Default Registry.6. Past Compliance: New project submissions will not be reviewed if the applicant is in default on any reporting, project completion, or financial obligation to Innovation PEI without resolving the default first.

grant_eligibility_criteria|who_cannot_apply

This grant excludes certain companies and industries due to their main activity or financial status. The restrictions are in place to ensure alignment with the grant's objectives and to maintain financial integrity.
  • Companies involved in activities such as construction, farming, fishing, mining, logging, and petroleum and natural gas operations.
  • Businesses that have a defaulted outstanding debt obligation on file in the Province's Central Default Registry.
  • Applicants in default on any reporting, project completion, or financial obligation to Innovation PEI.

grant_eligibility_criteria|eligible_expenses

The Enriched Investment Tax Credit supports activities focused on modernization and productivity improvements for manufacturing and processing companies in Prince Edward Island. Eligible initiatives emphasize investment in advanced machinery and equipment aimed at enhancing export capabilities.
  • Investments in machinery or equipment used for manufacturing and processing goods primarily for export.
  • Acquisition of new, unused qualified property in Prince Edward Island dedicated to manufacturing or processing.
  • Applications that demonstrate the use of advanced manufacturing and processing methods to exceed labour productivity standards.

grant_single_labels|criteria

The evaluation and selection of projects for the Enriched Investment Tax Credit are based on specific criteria aimed at ensuring economic benefits to the province and alignment with strategic priorities.
  • Potential for long-term viability, including qualifications and track record of senior management.
  • Cost benefit to the Province of Prince Edward Island.
  • Employment creation.
  • Export sales and import substitution.
  • Environmental impact.
  • Availability of program funds.
  • Level of assistance from other government programs offered or available.

grant_single_labels|apply

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grant_single_labels|otherInfo

Applicants must comply with the terms and conditions of approval, and crucial timelines must be adhered to for eligibility.
  • A corporation must apply for the Enriched Investment Tax Credit before making the investment in qualified property.
  • Information collected is subject to the Prince Edward Island Freedom of Information and Protection of Privacy Act.
  • Participants must consent to a public announcement relating to the investment and related accomplishments.

grant_single_labels|contact

innovation@gov.pe.ca
902-368-6300

Apply to this program

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