Tax Credits

Doing business in Corner Brook allows companies to avail of a number of specific tax credits offered by the federal, provincial, and municipal governments.

Apprenticeship Job Creation Tax Credit is a non-refundable tax credit equal to 10% of eligible apprentice salaries and wages up to a maximum of $2000 per year for each eligible apprentice.  This is available to any business hiring an eligible apprentice.  For details, contact the Canada Revenue Agency.

Direct Equity Tax Credit offers a 35% tax credit on qualifying activities undertaken outside the North East Avalon.  If activities are undertaken both inside and outside the North East Avalon, the tax credit will be pro-rated.  The maximum annual tax credit per eligible corporation or individual investor is $50,000.  For more information contact the Taxation and Fiscal Policy branch with the provincial Department of Finance for more information.

Phone:  1-709-729-2944
Email:  finance@gov.nl.ca

Economic Diversification and Growth Enterprise Program (EDGE) offers a 15 year tax holiday to qualifying businesses.  For more information contact the local office of Department of Innovation Trade & Rural Development.

Department of Innovation Trade & Rural Development (INTRD)
2 Herald Ave, Millbrook Mall
709.637.2980
www.intrd.gov.nl.ca/intrd

Film and Video Tax Credit is a refundable tax credit which is the lesser of 25% of total eligible production costs or 40% of total eligible labour expenditures.  For more information contact the Taxation and Fiscal Policy branch with the provincial Department of Finance.

Phone:  1-709-729-2944
Email:  finance@gov.nl.ca

Scientific Research and Experimental Development (SR&ED) Program provides Canadian-controlled private corporations with a 35% investment tax credit on the first $3 million and 20% for any exceeding amount.  All other Canadian corporations, partnerships, proprietorships, and trusts can earn a 20% tax credit on SR&ED activities carried out in Canada.  Projects must be carried out in Canada and expenditures must be related to experimental development, applied research, basic research, and support work.  For more information contact the Canada Revenue Agency.

Phone:  1-866-433-5986

Small Business Tax Credit is intended to reduce a corporation’s tax return rate from 14%-15% up to the first $500,000 of taxable income.  Income must be generated from business carried on in Canada.  For more information contact the Taxation and Fiscal Policy branch with the provincial Department of Finance.

Phone:  1-709-729-2944
Email:  finance@gov.nl.ca

City of Corner Brooks Business Incentive Policy provides exemptions of business tax for the first four years of operation.  The tax incentive is offered to new non competitive industrial developments in the industrial parks.  It is also available to current businesses that relocate to industrial parks from their current location, in which their business use is no longer an appropriate use in the zone.

Tax Incentive

  • 100% 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 contact the Business Division at the City Hall.

City Hall
5 Park Street
709.637.1551

www.cornerbrook.com

The City of Corner Brook is a participant of the provincial Economic Diversification and Growth Enterprises (EDGE)  which offers a 100% rebate on municipal property and/or business taxes for 15 years followed by a five-year phase-out period of partial rebates.