Frequently Asked Questions

What do I need to apply?

Sole Proprietorship/Partnership:

  1. The most recent Statement of Business or Professional Activities (T2125) found in the personal tax return.   It is usually 6 pages.
  2. The personal Notice of Assessment for the same year as the Statement of Business Activities.


  1. Schedule 125 from the corporate tax return in place of #1 above.
  2. The personal Notice of Assessment for the same year as the Statement of Business Activities.
  3. Most recent T4 (salary) or T5 (dividends) from the Corporation to the applicant.
  4. If you did not receive a salary/wage/dividends, please indicate

What if I have already submitted an application?

For those who have completed an application previously and have received a reference number, you do not need to reapply as your application will be processed.

If you have not received a reference number, you will need to reapply.

What if I do not have an HST number? 

We understand some businesses (e.g. in-home daycares) may not have an HST number. This does not mean you are ineligible. The HST field in the application is not a required field but helps identify a business if you are registered. Non-registered businesses can apply if the eligibility criteria are met. 

My business is not registered. Am I eligible to apply? 

Yes, if the other eligibility criteria are met. We are requesting the business number to help identify your business. 

I do not have a T2125 (Statement of Business or Professional Activities) in my personal tax return (T1). What else can I provide for support? 

First, please check your personal tax return for the T2125 form (Statement of Business or Professional Activities). For an incorporated business, please provide Schedule 125 from the Corporate Tax return (T2).  

Other support may include, but not limited to; copies of internal financial statements, receipts for income received in recent weeks, or bank deposits. 

There is more than one owner in the business. Does each owner need to submit a separate application? 

An individual can only submit one application for the business that provides their primary source of income. Up to two (2) owners of the same company can apply for assistance, if it is the primary source of income for both owners. 

Is pension income taken into account in the calculation of my primary source of income? 


The business is not my primary source of income. Am I eligible to apply? 

This program is focused on supporting self-employed people that have lost their main income. If you are employed as an employee there are other Provincial and Federal programs that you might be eligible for. 

I have a seasonal business that is not open yet. Can I apply? 

At this time if you are not experiencing lost revenue in the current period of March 16-29, you are not eligible. Future or speculative losses are not eligible at this time 

I am currently receiving an error in my application. What can I do? 

We are experiencing a high volume of applications and are working on improving the current application experiencePlease try again later. If you continue to experience technical difficulties please reach out to us. 

We understand the current need of financial assistance for many individuals. We are working on reviewing the applications in a timely manner. 

When will I receive the financial assistance? 

We will process all applications in a timely manner. If an application requires additional information, we will contact you to complete the review processOnce approved, a deposit will be made directly to your bank account without notice within five to ten business days.  

How will I receive the financial assistance if I am eligible? 

Once your application is approved, Innovation PEI will contact you to provide your banking information to allow for an Electronic Funds Transfer (EFT). This will allow us to distribute funds in a more efficient process.

Is this financial support taxable? 

Yes, this is taxable income. Recipients will be issued a T4A in February 2021 for funds received. 

Additional Resources for Business Owners

Stay up to date and join our email list for information about your business and COVID_19

Accumulation of Covid-19 information for business from the Government of Canada:

Accumulation of Covid-19 information for business from the Province of Prince Edward Island

Essential and non-essential services:

online application

If required, please consult with an Innovation PEI staff member for further guidance specific to your situation.

Support under this program is for financial loss incurred during the period of March 16 - March 29, 2020.

Contact Information

For Business concerns:

Steve Reaman

David Gamble

Heather Rossiter

Cara Squires

Lannia MacAleer


Mark Derry