NSBI Approves Innovation Rebate
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for Canadian Maritime Engineering Limited.
For over 30 years, the company has serviced a range of marine and industrial companies including machining, mechanical, welding, fabrication and specialty coating.
Canadian Maritime Engineering Limited is investing in new infrastructure and equipment to expand its North Sydney operations. The company is proceeding with a $3.16 million capital investment to increase capabilities to manufacture steel and aluminum small and medium marine vessels.
This investment by the company will allow its seasonal operation to operate year-round, making it more globally competitive.
The company is eligible to earn a maximum innovation rebate of $756,473 upon completion of its project, based on eligible capital spending of $3,025,890.
To be considered for an innovation rebate, a company's total project costs must be between $2 million and $15 million. An approved rebate is up to 25 per cent against eligible project costs.
Quick facts:
- the Innovation Rebate Program was developed in consultation with Nova Scotia companies
- the Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes
- the program provides up to a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines
- the total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the IRP rebate will be applied is $15,000,000
- the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period
- the innovation rebate works as a rebate against a company's direct costs and is only paid out once the project is complete
Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .