This program is a great opportunity for your business. The Advanced Marine Technology (AMT) tax rebate offers a full yearly rebate on all corporate income tax paid to the province of Prince Edward Island. This means more funds can stay within your business, allowing you to reinvest in growth and innovation.

Why apply?

• 10-year tax rebate: Enjoy a decade of tax relief, which can significantly boost your financial health.
• Support for growth: With PEI's stable economy, skilled labor, and specialized training programs, your business is well-positioned to thrive.
• Proven success: Modeled after the successful aerospace industry, this program has already helped the AMT sector grow from under $5 million to over $100 million in sales.

What's in it for you?

• Financial advantage: The tax rebate can make a substantial difference compared to other financing options, providing a reliable and predictable benefit.
• Ease of qualification: If your business fits the criteria, qualifying is straightforward, allowing you to focus on what you do best—innovating and expanding your market reach.

By being approved for this program, your business can leverage significant financial support, fostering long-term growth and stability.

Type of Financing: Tax Rebate

Repayment Terms and Interest Rates:

• Duration: The tax rebate is available for a period of 10 years.
• Interest Rates: Not applicable, as this is a rebate on corporate income tax.

Eligible Expenses:

• Corporate Income Tax: The rebate applies to all corporate income tax paid to the province of Prince Edward Island.

Use of Funds:

• Permitted Use: The rebate can be used to offset the corporate income tax liability of the business.
• Restricted Use: The rebate cannot be used for any other expenses or purposes outside of reducing corporate income tax.

Fees:

• Associated Fees: There are no fees associated with applying for or receiving this tax rebate.

The Advanced Marine Technology (AMT) tax rebate is a valuable opportunity for your business. This program offers a full yearly rebate on all corporate income tax paid to the province of Prince Edward Island. This means you can reinvest more money back into your business.

Here’s what you get:

• A 10-year tax rebate starting from July 3, 2015.
• This rebate applies to companies in the advanced marine technology sector that are involved in research, development, manufacturing, and exporting innovative marine technology.

Why this matters:

• Significant savings on corporate income tax, allowing you to allocate funds to other critical areas of your business.
• Support for growth in a sector that has seen rapid expansion, with sales jumping from under $5 million to over $100 million in less than five years.
• Access to skilled labor and training programs through local institutions like Holland College and the University of Prince Edward Island.

This rebate can help your business thrive in a growing industry, making it an excellent opportunity to enhance your operations and compete globally.

1. Gather Required Documentation: Prepare the following documents to support your application:

• Business registration details
• Financial statements (last two years)
• Business plan
• Payroll records showing a minimum of 15 PEI staff and a payroll of at least $700,000 per annum
• Proof of export activities from PEI

2. Complete the Application Form: Obtain and fill out the application form for the tax rebate. Ensure all fields are accurately completed.

3. Attach Documentation: Attach all the prepared documentation to your application form. Double-check to ensure nothing is missing.

4. Submit the Application: Submit your completed application form and attached documents to Innovation PEI. You can do this either online through their website or by mailing it to their office at 94 Euston Street, PO Box 910, Charlottetown, PE C1A 7L9.

5. Contact Innovation PEI for Confirmation: After submission, contact Innovation PEI to confirm receipt of your application. This can be done via telephone at (902) 368-6300 or email at [email protected].

6. Await Review and Approval: Innovation PEI will review your application. They may contact you for additional information or clarification during this process.

7. Receive Approval and Rebate: If approved, you will receive confirmation and details on the tax rebate. This will include instructions on how to claim your rebate annually.