Innovation and Development Labour Rebate Program

To provide employers with a refundable labour rebate to help offset the costs of projects that will support of the development and/or commercialization of new products, processes and services that will be sold primarily beyond the borders of PEI.

Innovation PEI

Overview of the Innovation and Development Labour Rebate Program program:

The PEI Labour Rebate program is an initiative by the Government of Prince Edward Island designed to stimulate economic growth by supporting businesses in the province. The program provides financial rebates to companies that create new jobs, thereby reducing the overall cost of labor and encouraging business expansion. By offering these rebates, the government aims to attract and retain businesses, promote job creation, and foster a competitive business environment in PEI.

Benefits of the Innovation and Development Labour Rebate Program program:

Cost Reduction: The primary benefit is the financial rebate on eligible labor costs. This rebate helps reduce the companys operating expenses, freeing up capital that can be reinvested into other areas of the business, such as research and development, marketing, or additional hires.
Workforce Expansion: By offsetting the cost of hiring new employees, the program encourages businesses to expand their workforce, contributing to local employment and economic development.
Increased Competitiveness: The rebate can enhance a companys competitive position by lowering overall costs, allowing businesses to price their products or services more competitively in the market.
Attraction of Talent: The financial support makes it easier for businesses to offer competitive salaries and benefits, helping them attract and retain top talent in their industry.
Support for Strategic Sectors: The program is particularly beneficial for businesses in strategic sectors such as manufacturing, IT, and processing, which are key drivers of economic growth in PEI.Eligible businesses that submit complete applications will be reviewed on a first-come, first-serve basis. An application is considered to be complete and received when all required information has been submitted to Innovation PEI.
Not all projects meeting the minimum criteria will receive funding. Applications will also be evaluated using the following considerations:
Potential for long-term viability;
Degree of innovation;
Qualifications and track records of managers;
Market potential;
Availability of program funds;
Employment creation; and
Level of assistance from other government supports offered or available.
The project must provide economic benefits to the province of Prince Edward Island.

Eligibility criteria of the Innovation and Development Labour Rebate Program program:

To be an eligible applicant, a business must be located in Prince Edward Island and:
Be registered to conduct business and actively operating in Prince Edward Island;
Manufactures, processes, or develops goods or services primarily for export;
Operates within one of these strategic sectors:
Bioscience
Aerospace and defence
Advanced manufacturing and processing
Renewable energy and clean technology
Information and communications technology
Creative and cultural industries
First-of-its-kind exportable goods or services in other sectors may be considered.
A business that has a defaulted outstanding debt obligation on file in the Provinces Central Default Registry is not eligible for Innovation PEI assistance