Innovation Rebate Program

Overview of the Innovation Rebate Program program:

The Innovation Rebate Program (IRP) provides financial incentives for projects that assist Nova Scotia companies as they scale to increase their competitiveness. The program supports companies as they innovate, drive productivity, increase production capacity, and adopt cleaner and more sustainable approaches to growth across Nova Scotia. The Innovation Rebate Program works as a rebate against a company’s direct costs. Eligible expenditures will include direct costs of Eligible Projects.

Benefits of the Innovation Rebate Program program:

• A Company will be eligible for an IRP rebate of 25% of Eligible Project Costs.
• The maximum Rebate Amount for an Eligible Project, including related parties, cannot exceed $3,750,000.

Eligibility criteria of the Innovation Rebate Program program:

• To have a project approved by Invest Nova Scotia for purposes of the IRP, each applicant under the IRP (Company) must:
• Be a taxable Canadian corporation as defined in subsection 89(1) of the Income Tax Act (Canada) which was incorporated in Canada (either federally or in one of the provinces).
• Have a permanent establishment in Nova Scotia and be in operation for a period of at least 12-months, or a planned permanent establishment (as defined in subsection 400(2) of the regulations to the Income Tax Act (Canada)) in the case of new companies to the province.
• Must be a Nova Scotia registered business in good standing (current registration on the Registry of Joint Stock Companies) prior to receiving any funds from Invest Nova Scotia.
• Demonstrate, to the satisfaction of Invest Nova Scotia, 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).