With the success of the advanced marine technology industry on Prince Edward Island a cluster development is taking place. PEI is modeling its advanced marine technology sector to parallel the success of the aerospace sector over the past 25 years.
In 2014 the advanced marine technology sector accounted for more than 8% of exports from PEI. Advanced marine technology clients calling PEI home include Aspin Kemp and Associates, MarineNav, Nautican, Portsmouth Atlantic, and Breakwater Management.
With the start up of the National Shipbuilding Program in Canada, PEI sees the opportunity for this sector to grow quickly. The Province of Prince Edward Island has supported this sector with the introduction of the Advanced Marine Technology tax rebate program which rebates provincial corporate income taxes to eligible companies within the sector.
The Advanced Marine Technology (AMT) tax rebate is a new 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 a full yearly rebate on all corporate income tax paid to the province of Prince Edward Island.
Who is eligible for the Advanced Marine Technology tax rebate?
- 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
For more information about the Advanced Marine Technology Tax Rebate or any other incentives in PEI, please click here – Invest Prince Edward Island.