Operating Costs

In 2006, KPMG identified Prince Edward Island as one of the most competitive locations for doing business, ranking it #1 for the shared services sector and identifying it as the lowest cost location in North America for electronic assembly, precision manufacturing, aircraft manufacturing and specialty chemical production.

Summerside is the lowest commercially taxed city on the island, and boasts tax-free zones and further planned tax-free business parks for rural areas. Over 596 acres of land have been designated for industrial development, with an average price of $12,000 per acre. Summerside has a diverse offering of commercial and retail space, including the new Holman facility, a state-of-the-art building that embraces green design principles, and is home to Summerside’s health and IT businesses.

Taxation:

• Federal corporate tax rate manufacturers and processors, 18%, small business 11%
• Summerside’s office rates provide a 15-25% savings over major urban centres in Canada and the United States
• Provincial corporate tax rate - 16% and 1% for small business
• 35% scientific research and investment tax credit
• Summerside boasts the cheapest rates for water and sewer charges for a community of its size in all of Atlantic Canada

What taxes DON’T we have?

• No payroll tax
• No corporation minimum tax
• No corporation capital or franchise tax
• No gross receipts tax
• No business and occupation tax
• No real property transfer tax