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Prince Edward Island Program (PEI) Residencies Plan of Canada (North America)
Prince Edward Island Program (PEI)
There are three pathways to permanent residency through the Business Impact Category of the Prince Edward Island Provincial Nominee Program: the 100% Ownership Stream; the Partial Ownership Stream; and the Work Permit Stream.
You must obtain at least 50 points on a Business impact assessment to be nominated to qualify for any of these programs.
For the 100% Ownership and Partial Ownership streams, you may start a business venture in PEI or purchase an existing qualified business.
You will be required to have an interview with the Office of Immigration. If you pass the interview, you must submit your business plan and get it approved. You must demonstrate your intention to live and work in PEI, and provide day-to-day activity and ongoing management details of your company from PEI.
It is required to sign an escrow agreement with the Province and submit a CAD200,000 deposit.
CAD50,000 corresponds to a residency portion, which will be refunded in two parts at two different times: CAD25,000 after you reside in PEI for six months, and CAD25,000 after you reside in PEI for one year.
The other CAD150,000 corresponds to the business portion, and will be refunded after you meet the terms and conditions of your escrow agreement, including operating your business for a minimum of 12 consecutive months.
For the work stream, you must be already living and working in PEI, and provide day-to-day activity and ongoing management of the PEI-based company. You will be required to attend an interview and, if successfully passed, submit a business plan. You will sign a performance agreement.
You will be requested to submit a letter providing a legal opinion written by a Canadian lawyer, stating that your application meets the IRCC Regulations and IRPA 87. After this is received by our office, you will be issued a letter of support for a work permit. Once the terms of your performance agreement are met you will be eligible to get your permanent residency permit.
To keep your permanent residency status, you must physically be in Canada at least 730 days (2 years) in a five-year period. Failure of your business will not affect your permanent resident status.
After 5 years holding the permanent residency status, you will be eligible to apply for citizenship, provided that you have lived 1,095 days in Canada within the five years, and 183 days during each of three calendar years that are fully or partially within the six years right before the date you apply.
To apply for citizenship, you must also have met your personal income tax filing obligations in three years that are fully or partially within the five years right before the date you apply. You must also take a language (French or English) test and pass an exam regarding Canadian values, history, symbols, institutions, rights, responsibilities and privileges of citizenship.
Requirements
- Score a minimum of 50 points on the Business Impact Self Assessment.
- Have a minimum verifiable personal net worth of CAD600,000 which has been accumulated through legal and legitimate sources in your own right.
- Have a minimum education of high school equivalent.
- Be within 21-59 years of age at the time of application.
- Have transferable management skills and past employment or business ownership experience.
- Meet minimum language requirements equivalent to a band score of 4.0 on an IELTS test.
- Business Plan including company overview, products/services, industry analysis and competitive landscape, marketing plan, management team and staffing, applicant’s role in the business, historical financial statements (if purchasing a business) and financial projections prepared by a qualified accountant (if starting a business).
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is recognized in Canada. You are not required to renounce your previous nationality to become a citizen of Canada.
Documents Required
- Certified copy of passport
- Evidence of language skills
- Letter of support of designated entity
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Certified copy of ID Card
- Evidence of Residential Address
- Affidavit of support for Dependents
- Original Police Clearance Certificate
- Two passport-size photos
- Bank Statement
- Original Bank Reference Letter (Not older than 6 month)
- Proof of net wealth
- Statement of Source of Funds
- Evidence of Business Background
- Curriculum Vitae
- Professional and academic certificates
- Medical Certificate
- dual citizenship Yes
- Family members included Yes
- land ownership Yes
- Physical residence required Yes
- Personal visit required Yes
- Language skills required Yes
- Interview required Yes
- Investment Single C$200,000
- Investment Family 4 C$200,000
- Minimum annual income -
- Time to citizenship 60
- Time to permanent residency
- Visa-free countries 171
- Financing available No
Canada
Canada is a sovereign country of North America, whose form of government is a federal parliamentary monarchy. Its territory is organized into ten provinces and three territories. It shares borders with the United States to the south, and to the northwest with its federal state Alaska. It is the second largest country by size in the world after Russia. About 36 million people live in Canada. English and French are its official languages. Its capital is Ottawa, but its most populated cities are Toronto and Montreal, with approximately 2.5 million and 1.5 million people each, respectively. Its official currency is the Canadian Dollar.
- National Flag of:Canada
- Currency:CAD
- Area Code:1
- Capital:Ottawa
- Continent:North America
- Native Languages:English, French,
- Population:33,679,000
BENIFITS
With your new passport from Canada you'll be able to access 171 countries visa free
citizenship benefits Become a citizen of a Commonwealth country Visa-free or Visa on arrival to 171 countries including United States Schengen Area United Kingdom Get one of the most valuable passport worldwide Passport with optimal reputation Low cost citizenship The right to live and work in Canada at all times Access to educational and healthcare benefits permanent residency benefits Peaceful democratic and politically stable country High quality of life Access to healthcare and education system The right to live and work in Canada without any time limit Set up a profitable business Be eventually eligible for citizenship Low crime rate country Able to buy landed properties Tax reliefs for new companiesFEES
| ITEM | AMOUNT |
|---|---|
| government fees main applicant | CAD 10 |
| 000 (7 | |
| 500 refundable if not approved) | |
| processing fees main applicant | C$1 |
| 050 | |
| certificate issuance fee | C$490 (PR Fee) C$50 (PR Card) |
| total fees main applicant | C$11 |
| 590 | |
| processing fees spouse | C$550 |
| certificate issuance fee | C$490 (PR Fee) C$50 (PR Card) |
| total fees spouse | C$1 |
| 090 | |
| processing fees dependents -18 | $150 |
| certificate issuance fee | C$490 (PR Fee) C$50 (PR Card) |
| total fees dependent -18 | C$200 |
| processing fees dependents 18-25 | - |
| certificate issuance fee | C$490 (PR Fee) C$50 (PR Card) |
| total fees dependent 18-25 | - |
| due diligence fees dependents +65 | - |
| processing fees dependents +65 | - |
| certificate issuance fee | C$490 (PR Fee) C$50 (PR Card) |
| total fees dependent +65 | - |
TAXES
There are several factors that determine an individual’s tax residency in Canada such as having a permanent domicile in the country or having business or social ties to the country. In any case, an individual who spends 183 days or more per year in the country may be considered a tax resident.
Tax residents are subject to federal income tax and provincial/territorial income taxes on their worldwide income. Non-residents are taxed on their income and capital gains derived from Canada.
Federal Income tax is progressive ranging from 15% to 33%.
Each territory or province levies its own income tax. Both taxes combined create effective tax rates ranging from 48% in Saskatchewan and Yukon, to 54% in Nova Scotia.
Fifty per cent of capital gains are included in taxable income and taxed at applicable tax rates. Non-eligible and eligible dividends from Canadian corporations are grossed up by 17% and 38%, respectively. Eligible dividends are those from Canadian public corporations or those from entities that are not controlled private corporations. Interest and rental income are treated as ordinary income.
Municipalities levy property taxes and land transfer taxes. There is no inheritance tax, however; an individual who dies is deemed to have disposed of any capital property immediately before death. This can result in any accrued capital gains being subject to income tax, and all provinces and territories impose probate fees or administrative charges for probating a will. There is no tax on net wealth in Canada.
The federal goods and services tax (GST) applies on most goods and services and is levied at a rate of 5%.
British Columbia, Manitoba, and Saskatchewan each levy retail sales tax at 7%, 8%, and 5%, respectively.
New Brunswick, Newfoundland and Labrador, Nova Scotia , Ontario, Prince Edward Island have a fully harmonized sales tax that includes the GST. The tax rate is 15%, except in Ontario where it is 13%.
Quebec’s sales tax is 9.975%, resulting in an effective tax rate of 14.975%.
Neither Alberta, Northwest Territories, Nunavut and Yukon levy a retail sales tax. However, the GST is applicable in those jurisdictions.
Regarding corporate taxation, resident entities are subject to federal and provincial taxes on their worldwide income. The federal tax standard rate is 15%, whereas provincial tax rates range from 11% to 15%. To know more about Canadian corporate taxation, legal framework and tax treaties visit incorporations.io/canada.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | Yes |
| Transfer tax | Yes |
| Inheritance tax | Yes |
| Net worth tax | No |
| CFC law | Yes |
| Tax residency days | 183 |
| Personal income tax rate | 51.4% |
| Capital Gains tax rate | 25.7% |
| Investment income tax rate | 51.4% |
| Territorial taxation | No |
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