The Innovation & Development Labour Rebate Program (IDLR)

The IDLR is a performance-based incentive offered to eligible companies expanding in or locating to Prince Edward Island.

The IDLR is a rebate of 25% of your eligible gross payroll paid out over a one year term. Innovation PEI may agree to pro-rate the eligible rebate, with partial payments over several years (for example, 5% for five years).

To receive the rebate, your company must create or retain a targeted number of jobs, at a minimum determined salary, within a set timeframe.

 

Aerospace Tax Holiday

A Tax Rebate Incentive Program for all eligible aviation-related companies provides a full rebate annually on all corporate income tax, sales tax, and real property tax paid to the province for operations conducted in Prince Edward Island. Eligibility requirements include:

• Aerospace firms operating in Prince Edward Island
• Aerospace companies in eligible activities that have 20 or more employees or a payroll in excess of $500,000
• Companies engaged in eligible activities that categorize them in the “Aerospace” sector as defined by the Province of Prince Edward Island

Bioscience Tax Holiday

The Bioscience Tax Holiday provides eligible companies with rebates of up to ten years of provincial corporate income taxes. Eligibility requirements include:

• Bioscience firms operating in Prince Edward Island
• Bioscience companies that have more than ten employees and a $750,000 annual payroll.
• Companies engaged in eligible activities that categorize them in the “Bioscience” sector as defined by the Province of Prince Edward Island.

Atlantic Canada Opportunities Agency Assistance ProgramsBusiness Development Program (BDP)

The Business Development Program (BDP) is designed to help you set up, expand or modernize your business by providing access to capital in the form of interest-free, unsecured, repayable contributions. ACOA can provide an unsecured, interest-free loan towards the eligible costs of a new establishment, expansion, modernization or a project which improves your competitiveness. ACOA's contribution is repayable on a time schedule tailored to your circumstances.

Atlantic Innovation Fund (AIF)

The Atlantic Canada Opportunities Agency’s Atlantic Innovation Fund (AIF) is an initiative through which the Government of Canada is making strategic investments aimed at increasing Atlantic Canada’s innovation capacity. The AIF focuses on R&D projects in the area of natural and applied sciences, as well as in social sciences, humanities, arts and culture, where these are explicitly linked to the development and commercialization of technology-based products, processes or services. The Atlantic Innovation Fund can provide assistance of up to 80% of total eligible costs for non-commercial projects and up to 75% of total eligible costs for commercial, private sector projects. Commercial applicants seeking funding of $1,000,000 or less are not eligible under the Atlantic Innovation Fund. Projects are approved under the Atlantic Innovation Fund through a series of competitive funding rounds.

Island Prosperity Funding Programs

The Pilot and Discovery Fund supports early stage, proof-of-concept projects that will lead to the development of new products, services or processes in the strategic sectors. The Pilot and Discovery Fund will provide grants of up to $25,000 (or 50% of eligible expenses) associated with testing an innovation-based idea.

The Innovation PEI Graduate and Post-Doctoral Fellowship program is designed to support and develop highly skilled researchers in the strategic sectors. This support allows them to gain research experience on industry relevant projects while undertaking their graduate or post-doctoral programs.

The Development and Commercialization Fund will support Island-based businesses and researchers that have completed the prototype and pilot stage, have tested and developed a product and are prepared to move toward manufacturing or commercial scale production. The Development and Commercialization Fund will contribute a maximum of $100,000 (or 50% of eligible expenses) towards the completion of approved projects.