Disclosures: Strategic Investment Funds 2019/20
Tuesday, March 31, 2020
The following business development incentives in the form of payroll rebates were announced during the fiscal year of 2019-20. Payroll rebates are disbursed through the Strategic Investment Funds.
March 31, 2020
Invest Nova Scotia (INS) has an agreement with Bonsai Inc. in the form of a payroll rebate.
The payroll rebate for Bonsai, a Canadian commerce startup, is to expand its operations to Nova Scotia.
Founded in 2016 and headquartered in Toronto, Bonsai’s e-commerce platform is used by leading publishers and retailers across North America and Europe .
Bonsai has the potential to create up to 160 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend $27.95 million in salaries.
It is also estimated that the new employees would contribute provincial tax revenues of around $3.58 million through their income and consumption taxes. As a result, the company would earn a rebate of up to $2.11 million over five years.
The company will be eligible for a smaller rebate if it creates less than 160 new jobs.
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
Media Contact:
Anne Morello
Bonsai
647.224.2806
Email: anne@northpr.ca
February 26, 2020
Invest Nova Scotia (INS) has a twice amended agreement with Bank of N.T. Butterfield and Son Limited in the form of a payroll rebate.
With this amendment, the company is projected to create an additional 60 jobs in the province, for a total of 160 jobs over the six-year agreement. Based on the maximum growth forecast of the six-year amended payroll rebate agreement, NSBI estimates
The Bank of N.T. Butterfield and Son Limited will spend about $28 million in salaries.
It is estimated the new employees would contribute provincial tax revenues of about $3.6 million through their income and consumption taxes. As a result, The Bank of N.T. Butterfield and Son Limited is qualified to earn up to $2,232,016 through the payroll rebate over the six-year agreement.
The Bank of N.T. Butterfield and Son Limited will be eligible for a smaller rebate if it creates fewer than 160 jobs.
Quick Facts:
- in 2015 NSBI announced that The Bank of N.T. Butterfield and Son Limited had been qualified to earn a payroll rebate for up to a maximum of $840,000 over six years, for up to 50 jobs
- in 2017, the agreement was amended to allow for further growth in Nova Scotia, qualifying The Bank of N.T. Butterfield and Son Limited to earn a payroll rebate up to a maximum of $1,674,237 for up to 100 jobs
- the company has earned $737,015.20 on the first four years of its current payroll rebate agreement
- payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount spent on the rebate
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
Media Contact:
January 21, 2020
Invest Nova Scotia (INS) has an agreement with Ultra Electronics Maritime Systems Inc. in the form of a payroll rebate.
Established in 1947, the company delivers sophisticated sonar systems to navies around the world. It is one of the oldest, continuously operating electronics design and manufacturing operations in Canada, and the largest electronics product design company in Atlantic Canada.
Ultra could potentially create up to 150 jobs which would be supported by the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend about $37 million in salaries. It is also estimated that the new employees would contribute provincial tax revenues of around $4.7 million through their income and consumption taxes. As a result, the company would earn a rebate of up to $2.5 million over five years.
The company will be eligible for a smaller rebate if it creates fewer than 150 new jobs.
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
December 17, 2019
Invest Nova Scotia (INS) has an agreement with MOBIA Technology Innovations Incorporated in the form of a payroll rebate.
MOBIA, founded in 1985 and headquartered in Dartmouth, is a systems integration and technology consulting firm with extensive experience working with Canadian telecommunication service providers, health-care providers and enterprises. The company has four offices across Canada and is expanding its Nova Scotia operations.
The company has the potential to create up to 120 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $18.14 million in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $2.34 million through their income and consumption taxes. As a result, the company would earn a rebate up to $1.31 million over five years.
MOBIA will be eligible for a smaller rebate if it creates fewer than 120 new jobs.
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
December 10, 2019
November 12, 2019
media contact:
October 29, 2019
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
L3Harris Technologies Inc.
September 17, 2019
Invest Nova Scotia (INS) has an agreement with VERB Interactive Inc. in the form of a payroll rebate.
Established in Halifax in 2004, VERB is a full-service digital marketing agency serving leading global brands in the travel and hospitality industry. The company is expanding its Halifax operations and has a second location in Victoria, B.C.
Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $24.3 million in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $3.113 million through their income and consumption taxes. As a result, the company would earn a rebate up to $1.458 million over five years.
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
Media contact:
Andy MacLellan
VERB Interactive Inc.
902-478-8729
Email: andy@verbinteractive.com
Invest Nova Scotia (INS) has an agreement with Introhive Services (NS) Inc. in the form of a payroll rebate.
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
Daniel Dowling
Invest Nova Scotia (INS) has an agreement with Proposify Inc. in the form of a payroll rebate.
Proposify is an online business proposal company that streamlines the process of creating, sending, and closing proposals, quotes, contracts and other sales documents. The company exports its software service to almost 8,000 clients outside Nova Scotia.
As a result, the company would earn a rebate up to $1,057,400 over five years.
Invest Nova Scotia is Nova Scotia’s business development agency that works to promote economic growth and community economic development in the province by enabling business, innovation and entrepreneurship.
We are Nova Scotians supporting businesses small and large; new and new to our province.
Media Contact:
Jennifer Faulkner
Proposify
902-476-8596
Email: jennifer@proposify.com