Nova Scotia’s Growing Economy – Innovation Rebate Program

Nova Scotia’s economy is growing, and the industries are changing to grow with current and future economic goals. In order to pursue growth opportunities, companies need funding and support. The Nova Scotia Business Inc. (NSBI) has opened the Innovation Rebate Program to incentivize investment in growth and help foster innovation in Nova Scotia’s economy.

Nova Scotia’s Innovation Rebate Program (IRP) is looking for high-value investments by advanced manufacturing companies, who are scaling to increase their competitiveness. Potential projects include product development and enhancement, improvements in production, reducing or finding new uses for waste, strengthening supply chains to enable production in Nova Scotia, and investment in production capacity to enter new markets. This program covers a variety of costs related to equipment and machinery, software, and innovation, productivity, and sustainability processes.

Type of Funding available

The Innovation Rebate Program will provide companies with a rebate of 35% of eligible project costs to a maximum amount of $3,750,000. The eligible rebate amount will be identified upon the approval of the Eligible Project and provided in the agreement.

Eligible Applicants

Companies must be.

  • A taxable Canadian corporation, which was incorporated in Canada
  • Have a permanent establishment in Nova Scotia and be in operation for a period of at least 12 months
    • or have a planned permanent establishment in the case of new companies to the province
  • Must be a Nova Scotia registered business in good standing prior to receiving any funds from NSBI
  • Demonstrate to the satisfaction of the Nova Scotia Business Inc (NSBI), 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)

Eligible Projects 

  • Implementation of new, significantly improved, and/or more sustainable production processes
  • Supporting the principles and goals of Nova Scotia’s Environmental Goals and Sustainable Prosperity Act by increasing the sustainability of traditional industries
  • Scaling production capacity for companies producing sustainable and green products that will support Nova Scotia and other jurisdictions in meeting their sustainable prosperity goals
  • Strengthening supply chains to enable production in Nova Scotia
  • Increasing production capacity to enter new markets and/or produce new products
  • Establishing new production facilities in Nova Scotia
  • Value-added processing for traditional industries such as forestry, seafood, and agriculture (excluding harvesting and extraction)

Eligible projects must have a minimum total budgeted Nova Scotia investment of no less than $350,000 (excluding taxes).

Project Timeline

Approved projects must be completed within 3 years from the date that an application is approved.

Deadline

Applications for the program are accepted on an ongoing basis.

Contact EVAMAX to find out more about how to maximize your changes of submitting a successful application!

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