Incentives

Deer Lake Business Tax Incentive Program

To encourage the development of new business in the community the Town Council of Deer Lake has approved a Business Tax Incentive Program. The incentive exempts the new property from Business Tax for the first year and phases the tax in over five years as follows:

 

Year 1
 Business Tax exempt
Year 2 20% of the assessed Business Tax
Year 3  40% of the assessed Business Tax
Year 4 60% of the assessed Business Tax
Year 5 80% of the assessed Business Tax
Year 6 100% of the assessed Business Tax

The incentive is also available to existing businesses that expand their operation and increase the assessed value by $50,000 or more.

Economic Diversification and Growth Enterprises Program (EDGE)

Deer Lake is also a participating community of the Economic Diversification and Growth Enterprises (EDGE) Program offering tax incentives to qualifying companies. The incentive is also available to existing businesses that expand their operation and increase the assessed value by $50,000 or more

The EDGE Program is designed to provide a package of incentives to encourage significant new business investment in the province to help diversify our economy and stimulate new private sector job creation, particularly in rural areas.

EDGE Fact Sheet

EDGE Incentives

Companies approved for EDGE status setting up in Deer Lake shall be entitled to the following incentives and benefits:

  • a 100% rebate on provincial corporate income tax and the provincial health and post-secondary education (payroll) tax for a period of 15 years
  • a 50% rebate on federal corporate income tax for the periods referenced above; a further five-year period of partial rebates on the provincial and federal taxes referenced above, declining by 20% in each year of this phase-out period
  • a 100% rebate on municipal business taxes for the periods referenced above, followed by a five-year phase-out of such rebates
  • and access to unserviced Crown land for $1.00 where such land is required to implement the company's business plan

EDGE Eligibility

A new business or an existing business interested in expanding in the province may apply for EDGE status if it meets the following criteria:

  • there is the potential to create and maintain 10 new permanent jobs in the province
  • it is prepared to make a minimum capital investment of $300,000 or generate incremental annual sales of $500,000
  • it would not establish or expand in the province in the absence of the EDGE incentives
  • the EDGE incentives will not give it a direct competitive advantage over other existing businesses in the province; and the new business activity will have a substantial net economic benefit to the province.

EDGE Facilitator

Government will appoint a facilitator to help an EDGE corporation obtain permits, licenses and other government regulatory requirements to proceed with its business plan. 

How to Apply

For additional information and an EDGE application form, contact any office of the Department of Industry, Business and Rural Development at 1-800-563-2299 or visit www.gov.nl.ca/ibrd.

Bizpal

The Town of Deer Lake is a participant in the Bizpal program.  BizPaL is a partnership involving governments at the federal, provincial, territorial and municipal levels. Provinces, territories and hundreds of municipalities have collaborated together to provide you with the permits and licenses that may be required to start and grow your business.
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