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CANADIAN INDUSTRY ONLINE - DECEMBER 2012
Minister of Innovation and Advanced
Learning Allen Roach.
“
I am pleased to announce a 10-
year extension to the rebate program
that has successfully assisted with
attracting and retaining aerospace
companies since 1993,” said Minister
Roach. “Prince Edward Island’s aero-
space sector is a strong contributor
to our province’s economy and it is
important that we continue to acceler-
ate this expanding sector to ensure a
vibrant economic future in our prov-
ince.”
The Aerospace Tax Rebate Pro-
gram provides a full rebate annually
on all corporate income tax paid to the
province for operations conducted in
Prince Edward Island to eligible avi-
ation-related companies. Companies
also receive a full annual rebate of all
real property tax attributable to own-
ership or rental of facilities in Prince
Edward Island. Eligible companies
must be aerospace firms operating in
Prince Edward Island with 20 or more
employees or a payroll in excess of
$700,000. The program will apply to
Aerospace companies under the cur-
rent program, and new aerospace com-
panies that fit the criteria. The current
program is set to expire on December
31, 2012.
“
Today’s announcement is a great
example of the progress government is
making in their commitment to further
enhance and enrich its relationship
with Aerospace P.E.I.,” said Jeff Poirier,
Director, Aerospace Association of
Prince Edward Island. “This tax rebate
program has proven to be of great ben-
efit to aerospace companies in the past
and an additional 10 years will cer-
tainly allow aerospace companies to be
even more competitive on the indus-
try’s world stage.”
An economic impact analysis of
the aerospace sector on Prince Edward
Island shows the sector has been grow-
ing successfully since 1992, contribut-
ing greatly to the province’s economy.
The sector has grown in sales from $5
million in 1992 to more than $360 mil-
lion last year. The direct payroll aver-
ages $39 million per year, generating
about $3.7 million in provincial income
taxes, and more than 3,500 jobs on
Prince Edward Island can be attributed
to the aerospace industry. The Gov-
ernment of PEI continues to drive the
economy and profile of the province,
inspiring growth in people, produc-
tivity and economy, now and into the
future.
For more information about the Aerospace
Tax Rebate Program, visit
.
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