Innovation Rebate Program

By mmuise
Description:

The Innovation Rebate Program (IRP) provides financial incentives for projects that assist Nova Scotia companies as they scale to increase their competitiveness. The program supports companies as they innovate, drive productivity, increase production capacity, and adopt cleaner and more sustainable approaches to growth across Nova Scotia. The Innovation Rebate Program works as a rebate against a company’s direct costs.


Comments on Funding:

Funding is a rebate of 25% of Eligible Project Costs. The maximum Rebate Amount for an Eligible Project, including related parties, cannot exceed $3,750,000. The Eligible Rebate Amount, including conditions for earning additional IRP rebate amounts, will be identified upon approval of the Eligible Project and provided in the Letter of Offer.

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • be a taxable Canadian corporation as defined in subsection 89(1) of the Income Tax Act (Canada) which was incorporated in Canada (either federally or in one of the provinces);
  • have a permanent establishment in Nova Scotia and be in operation for a period of at least 12-months, or a planned permanent establishment (as defined in subsection 400(2) of the regulations to the Income Tax Act (Canada)) in the case of new companies to the province;
  • be a Nova Scotia registered business in good standing (current registration on the Registry of Joint Stock Companies) prior to receiving any funds from Invest Nova Scotia;
  • demonstrate, to the satisfaction of Invest Nova Scotia, that it is financially viable and has reasonable prospects for continued growth and success;
  • be in compliance with the Income Tax Act (Canada), the Environment Act (Nova Scotia), Occupational Health and Safety Act (Nova Scotia) and Labour Standards Code (Nova Scotia), and the Accountability in Economic Development Assistance Act (Nova Scotia).
Application Steps:

Applicants must:

1. complete and submit an application to the Invest Nova Scotia Regional Business Development Advisor for their region;

2. receive a Letter of Offer which will outline the terms of the rebate, if the project approved.

Documentation Needed:

Applicants must submit:
1. the completed application form, which will include project timelines, identification of key technical and management resources, budgets, anticipated impacts of the project on the Company’s sustainability, and/or competitiveness in global markets; 2. schedule of Eligible Project Costs; 3. historical financial statements of the Company and any additional financial information, as required by Invest Nova Scotia, to assess the financial viability of the Company; 4. any other information required by Invest Nova Scotia to evaluate the request.

Other Things to Note:

Applications are accepted on an ongoing basis. Projects must be completed within 3 years from the date an application is approved.

About the author
mmuise