Advanced Marine Technology Tax Rebate

Prince Edward Island has spent the past decade building a reputation as a hub for advanced marine technology, driven by strong export performance, specialized training programs, and access to global marine markets. For companies operating in this space, the Advanced Marine Technology Tax Rebate was created to accelerate that growth by reducing the provincial tax burden on businesses investing and scaling in PEI. Delivered by Innovation PEI, the program was modeled after the province’s successful aerospace strategy and aimed to help marine technology firms compete internationally while anchoring high-value jobs locally.

Through this rebate, eligible advanced marine technology companies could recover provincial corporate income tax paid over an extended period, creating meaningful long-term savings that supported research, product development, and export expansion. The initiative played a role in transforming the sector from a relatively small niche into a significant contributor to PEI’s export economy, supported by assets like the University of Prince Edward Island’s engineering programs, marine-focused training at Holland College, and the province’s port infrastructure.

It’s important to note that the Advanced Marine Technology Tax Rebate has now expired and is no longer accepting applications. However, it remains a useful reference point for understanding how PEI supports innovative marine and ocean-based businesses, and similar sector-focused incentives may still be available. Exploring the full context and related funding options can help determine what opportunities might exist today.