News release

NSBI Approves Innovation Rebate

Nova Scotia Business Inc. (Dec. 2004 - Nov. 2022)

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for MacKenzie Atlantic Tool and Die / Machining Ltd. Based in the Musquodoboit Harbour area of Halifax Regional Municipality, MacKenzie Atlantic has been an owner-operated machinery facility since 2006.

The company will be proceeding with a $2,213,968 capital investment to implement more robotic machinery adding two computer numerical controlled machines and two inline machines to their facility. MacKenzie Atlantic’s modernization of equipment will help to meet increased demand for several projects throughout Canada and also to support additional initiatives in the United States.

The company is eligible to earn a maximum innovation rebate of $415,992 upon completion of its project, based on eligible capital spending of $1,663,968. 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 projects costs to which the 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

Additional resources:

For more about NSBI transactions go to http://www.novascotiabusiness.com/fundingdisclosures

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