Scientific Research and Experimental Development Tax Credit: Tax credit for R&D activities in the province. The refundable credit of 15% of eligible expenditures made with respect to scientific research and experimental development activities carried out in the province.
Venture Capital Tax Credit: This program is designed to encourage venture capital investment in businesses to encourage growth in industries such as information technology, clean and ocean technologies, and others. Venture capital investors can receive a non-refundable credit of 30% of the amount invested in a qualifying venture capital fund, up to a maximum of $75,000. A qualified venture capital fund will use capital raised to make equity investments in qualifying Newfoundland and Labrador businesses.
Economic Diversification and Growth Enterprises Program (EDGE): The EDGE program offers a 10-year tax holiday to qualifying companies from provincial corporate income tax and payroll tax, followed by a five year phase-in of these taxes. A 10-year tax holiday from property taxes and/or business tax is also offered by municipalities declaring themselves as EDGE participants. Companies also receive a 50% rebate on federal corporate income tax for EDGE designated companies for 10 years. An additional five years is available for projects locating outside the North East Avalon area. The program also offers the lease of crown land for a nominal fee and the services of a dedicated government facilitator to new or expanding businesses.
To be designated as an EDGE corporation, the applicant must make a minimum capital investment of $300,000, or have incremental sales of $500,000 annually. The applicant must also create and maintain at least 10 permanent jobs.
Investment Attraction Fund: Provides forgivable loans towards strategic investments in infrastructure support costs, human resource costs or other costs for large-scale businesses and foreign direct investment in the province.
Canada Newfoundland Labrador Job Grant: Eligible employers may apply for up to $10,000 for each existing employee or $15,000 for each unemployed participant to assist with training costs. Employers that receive funding under the Canada- Newfoundland Labrador Job Grant must contribute a minimum of one-third of the eligible training costs for existing employees. With the maximum government contribution of $10,000, this means that up to $15,000 is available, per existing employee, for eligible training costs.
Business Investment Fund: The Business Investment Fund includes two components, The Investment Program and Development Support Program. The Investment Program provides loans and equity investments to small and medium-sized enterprises (SMEs) in strategic growth sectors to complement funding from conventional sources and assist SMEs with entering and expanding in external markets. $500,000 of maximum funding is available per year for leans and equity funding available for up to $500,000 per project, or a maximum aggregate $1,000,000 per year. The Development Support Program provides a non-repayable contribution of up to $100,000 per year for up to 50% of eligible costs to improve productivity and competitiveness.