Investing Incentives

Business Improvement Program  (BIP)

The Business Improvement Program (BIP) encourages commercial building owners to invest in storefront improvements. The program provides tax credit to cover a portion of renovation costs.

The tax credit will be limited to the lowest of:

a)        50% of actual expenses on façade improvement (net of HST)

b)        Annual property tax for 2019

c)         $10,000

Program Goals

This program is intended to:

  • Make city streets more inviting and create more interesting places to walk and shop
  • Help building owners attract and retain tenants
  • Build civic pride among the local business community
  • Contribute to the quality of life of residents, workers and visitors
  • Improve the marketability of the local business area
  • Help businesses make a better first impression, and attract new customers

General Guidelines

For the Program Details and the Application Form please click here

Deadlines

Application will be considered and approved on a first qualifying basis, until the entire $50,000 tax credit has been committed.

Approved projects must be completed and all required information submitted by December 15.

Please submit application to:
Business Division, City of Corner Brook

5 Park Street, P.O. Box 1080
Corner Brook, NL, Canada
A2H 6E1
Tel: 709-637-1551
Email: bip@cornerbrook.com

Application: BIP Business Improvement Program 2018

 

 


Incentives for Investment

If you are looking to start, relocate or expand your business, the City of Corner Brook offers a friendly business environment that supports growth and development of all types of operations.  Businesses can expect to have access to skilled labour, education and training facilities, inexpensive land and established transportation and communications networks.  Corner Brook residents enjoy a low cost of living with a high quality of life, making it an ideal place to live, work and raise a family.

Corner Brook participates in the provincial Economic Diversification and Growth Enterprises (EDGE) Program which provides qualifying businesses with federal, provincial and municipal tax rebates for 10-15 years followed by a five year phase out period.  Businesses can also access un-serviced crown land for $1.

The Atlantic Canada Opportunities Agency (ACOA), the Department of Business, Tourism, Culture and Rural Development (BTCRD) and the Humber Community Development Corporation  provide various grants, incentives and financing assistance to businesses during set-up and in different stages of operations. These are summarized here.

The City of Corner Brook also offers generous tax incentives to new businesses in the Lundrigan Business Park, Watson’s Pond, and Maple Valley Industrial Parks.  Businesses that meet the requirements are entitled to the following incentives:

  • 100% exemption for the first year when that business would otherwise be responsible for the business tax
  • 80% exemption for the second year
  • 70% exemption for the third year
  • 40% exemption for the fourth year

For more information on this program, please click here.

Whether you are new to Canada, new to the province, new to Corner Brook, or a current resident of the city, there is a program to assist you in starting or expanding your business.  Various programs provide support with business financing, foreign business investment, research and development, tax credits and wage subsidies.