For Investors
Investing in Summerside
Lowest Commercially Taxed City
Summerside is the lowest commercially taxed City on Prince Edward Island and possesses tax-free zones for the aerospace industry. It has a diverse offering of commercial and retail space that rival many jurisdictions in Atlantic Canada.
PEI CORPORATE INCOME TAX
2% Small Business*
16%Manufacturing & Processing
1.5%of assessed value real Commercial
Property Tax
FEDERAL CORPORATE INCOME TAX
9%
Small Business*
15%
other corporations
Summerside is the lowest commercially taxed city on Prince Edward Island, and boasts tax-free zones for the aerospace industry
Sustainable Labour Market
In Prince Edward Island, companies have profited from a high degree of stability and productivity
in the workforce. Key drivers of this growth are lengthy job tenures, stability, and the low
number of lost days per worker.
Summerside’s economy continues to diversify. As it does, employment attraction intensifies.
Economic growth, in turn, is met with increased community support for diversification.
Successful Partnering with Government
The City of Summerside is committed to an ongoing partnership between government and enterprise. This partnership is one of our core municipal values. We are with you every step of the way as your business benefits from all Summerside’s advantages. Support for your company continues long after your enterprise has established roots in Summerside.
Here is what having a true government partner means to us:
- All levels of government work together in an agile business environment without red tape.
- Locating or expanding your operations in Summerside can be done quickly. New enterprises can be up and running much more rapidly than in most North American cities.
- Rapid access to decision and policymakers compared to larger centres.
- Because of our small size, our partnerships with post-secondary institutions allow businesses to customize programs to meet their skills training needs.
Incentives & Financing
Summerside’s incentives demonstrate the City’s commitment to being a business partner and provide our partners with cost certainties in the development process.
Municipal Tax Abatement Program
The City will rebate the municipal tax component for a minimum of five years for commercial/industrial and mixed-use projects on any incremental municipal assessment that achieves more than $75,000 in new assessment as per the provincial assessment guidelines, down from $500,000 in 2011.
ETS Energy Program Incentive
The City of Summerside’s “Heat for Less Now/Electric Water Heating Program” uses ETS
(Electric Thermal Storage) systems and advanced grid technologies to store excess wind
energy in your heating or hot water heating systems. ETS systems allow you to collect
energy during nighttime (off-peak) when it is less expensive and use it during the day.
The City of Summerside offers a rate of $0.08/kWh when you purchase, lease, or rent an
ETS system. This price is guaranteed to not change for 5 years.
Several peer organizations offer options for incentives, rebates, grants, and
financing. Read about them here:
Innovation PEI – More Funding for Island Businesses
ACOA
CBDC Central
The schedule for municipal tax
abatement is as follows:
Foreign Direct Investment
The City of Summerside’s unique municipally owned infrastructure and progressive business
environment presents distinct advantages over many others in Atlantic Canada. It is the perfect
gateway for foreign companies to expand globally while gaining a foothold in North
American markets.
Located on Canada’s east coast in the province of Prince Edward Island, the City of Summerside
is widely recognized as a leader and early adopter of innovation and investment in specific and
growing sectors. It is a small place with very big things to offer.
Summerside leverages its success across many sectors with the objective of becoming more present
in International markets.
It Has to be Summerside
An interconnected network of senior collaborators and industry experts, plus public and private investors bring all key players into the “same room”.
Unique Living Lab assets promote research, development, and partnerships to support investment in green and alternative energy, waste management technology, connectivity, and more.
Ideal work/life balance; minimal commuting time; recreational, cultural and entertainment services throughout the province; plus a shared sense of community in a very attractive seaside setting.
Beta testing of new technologies and products permits “Fail First, Fail Fast” in addition to “Fail Cheap” advantages, which accelerate the development cycle and reduce risk and cost. Plus, ready access to customers for product validation.
Low Risk
A promising strategy for a manageable entry into North America.
Advantage
For online/phone-based service companies with two shifts 8:00 am to 8:00 pm, customers can be served during all normal business hours in all time zones across Canada and the U.S.
Retention
Lower turnover and wage burden relative to other North American cities.
Focus
Including creative partnerships with a wide range of professional organizations.
The Best Country For Global Investment
- Canada maintains close international relations beyond its borders including over 1.5 billion customers in 51 countries.
- Canada has trade agreements with the United States, Mexico, the European Union, the United Kingdom, and Pacific countries.
- Access to Canada’s global trade markets is facilitated through a robust and sophisticated infrastructure of over 26 major airports with international connections, over 17 seaports, and 117 border crossings for efficient and timely movement of goods and services.
- Canada enjoys stability with political, banking, and corruption indices atop the global economy.