With the success of the marine technologies companies in Prince Edward Island, a cluster development initiative took place within the sector.
Advanced marine technology has the potential to parallel the success of the aerospace industry in P.E.I. In 2015, advanced marine technology accounted for 8.3% of the Province's total exports.
Our stable economy, availability of labour, new engineering school at the University of Prince Edward Island and a strong presence with the marine center at Holland College, advanced marine technology companies have become a pillar of success in Prince Edward Island.
Advanced Marine Technology Tax Assistance
The Advanced Marine Technology (AMT) tax Assistance is a new financial support that has been modeled from the success of the aerospace industry on Prince Edward Island. In less than 5 years, PEI has gone from limited advanced marine technology activity with sales under $5 million to a growing sector with staffing numbers close to 200 and sales over $100 million.
With four ports on PEI and marine based training programs at Holland College, PEI is setting its course to grow the AMT sector through tax assistance which provides a full yearly rebate on all corporate income tax paid to the province of Prince Edward Island.
Who is eligible for Advanced Marine Technology Tax Assistance?
- New and existing advanced marine technology company in Prince Edward Island
- AMT companies that have a minimum of 15 PEI staff and a minimum payroll of $700,000 per annum
- Working within the AMT sector and exporting from PEI
Tax Rebate Assistance
A 10 year tax rebate support took effect on July 3, 2015, and applies to eligible companies which establish operations within Prince Edward Island. Eligible companies must fit within the Province of Prince Edward Island’s definition of the eligible Marine sector, that includes AMT companies with proven research capacity developing innovative marine technology for global applications and engaged in the research and development, manufacture and export of advanced marine technology products and services in Prince Edward Island for export off PEI.
*This information is provided for information purposes and is not comprehensive and reflective of all Innovation PEI policies. Not all projects meeting the minimum assistance criteria outlined will receive funding. Please consult with an Innovation PEI staff member for guidance specific to your company's situation.