Business Improvement Program (BIP)
The Business Improvement Program (BIP) encourages businesses to invest in storefront improvements and landscaping enhancements. The program provides credit to both property and business taxes, as applicable.
The tax credit covers 50% of approved expenses on improvements (net of HST) up to a limit of $10,000.
The tax credit can be carried forward by two years to enable businesses receive maximum benefit.
Program Goals
This program is intended to:
- Make city streets more inviting and create more interesting places to walk and shop
- Help building owners attract and retain tenants
- Build civic pride among the local business community
- Contribute to the quality of life of residents, workers and visitors
- Improve the marketability of the local business area
- Help businesses make a better first impression, and attract new customers
General Guidelines
For the Program Details and the Application Form please click here
Deadlines
Application will be considered and approved on an ongoing basis, until the entire $50,000 tax credit has been committed.
Approved projects must be completed and all required information submitted by December 15, unless an extension in writing is granted.
Please submit application to:
Business Division, City of Corner Brook
5 Park Street, P.O. Box 1080
Corner Brook, NL, Canada
A2H 6E1
Tel: 709-637-1551
Email: bip@cornerbrook.com
Application: BIP Business Improvement Program 2018
Incentives for Investment
If you are looking to start, relocate or expand your business, the City of Corner Brook offers a friendly business environment that supports growth and development of all types of operations. Businesses can expect to have access to skilled labour, education and training facilities, inexpensive land and established transportation and communications networks. Corner Brook residents enjoy a low cost of living with a high quality of life, making it an ideal place to live, work and raise a family.
Corner Brook participates in the provincial Economic Diversification and Growth Enterprises (EDGE) Program which provides qualifying businesses with federal, provincial and municipal tax rebates for 10-15 years followed by a five year phase out period. Businesses can also access un-serviced crown land for $1.
The Atlantic Canada Opportunities Agency (ACOA), the Department of Business, Tourism, Culture and Rural Development (BTCRD) and the Humber Community Development Corporation provide various grants, incentives and financing assistance to businesses during set-up and in different stages of operations. These are summarized here.
The City of Corner Brook also offers generous tax incentives to new businesses in the Lundrigan Business Park, Watson’s Pond, and Maple Valley Industrial Parks. Businesses that meet the requirements are entitled to the following incentives:
- 100% exemption 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 on this program, please click here.
Whether you are new to Canada, new to the province, new to Corner Brook, or a current resident of the city, there is a program to assist you in starting or expanding your business. Various programs provide support with business financing, foreign business investment, research and development, tax credits and wage subsidies.
