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:
Mark Johnson
The Bank of N.T. Butterfield and Son Limited
441-299-1624
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.
Media contact:
Bernard Mills
Ultra Electronics Maritime Systems Inc.
902-266-5560
Email: bernard.mills@ultra-ms.com
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.
Media contact:
David Carrigan
MOBIA Technology Innovations Incorporated
902-468-8000
December 10, 2019
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for AXIS Specialty Canada Services, ULC (Axis Canada), a wholly owned Canadian subsidiary of AXIS Capital Holdings Limited, for its new operation in Halifax.
AXIS Canada will be focused on developing its Business Technology Centre in Nova Scotia. The centre will play a key role in helping AXIS Capital advance its digitalization initiatives that are focused on providing its customers and partners in distribution with the experiences they expect and require.
AXIS Canada has the potential to create up to 250 jobs under the six-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI has estimated that the company could spend $47.5 million in salaries.
It is also estimated that AXIS Canada's new employees would contribute provincial tax revenues of around $6.1 million through their income and consumption taxes. As a result, the company would earn a rebate of up to $3.61 million over six years.
The company will be eligible for a smaller rebate if it creates fewer than 250 new jobs.
November 12, 2019
Nova Scotia Business Inc. (NSBI), has approved an amendment to a business development incentive agreement in the form of a payroll rebate for MUFG Fund Services Limited (Halifax) Limited.
The amendment will allow the company to increase its workforce. With this change, the company is projected to create 150 more jobs in the province than its original goal, bringing the total to 250.
The amendment reflects the company's workforce growth plans and agreed upon increase in projected average salaries for the new positions. Based on the maximum growth forecast, NSBI estimates MUFG would spend about $50.4 million in salaries over the length of the agreement.
The new employees would contribute estimated provincial tax revenues of about $6.4 million through income and consumption taxes. As a result, MUFG is qualified to earn up to $3,774,000 through the payroll rebate.
MUFG is eligible for a smaller rebate if it creates fewer than 250 jobs.
media contact:
October 29, 2019
Invest Nova Scotia (INS) has an agreement with L3Harris Technologies in the form of a payroll rebate.
L3Harris is a leading provider of in-service support, with over 50 years of experience in the aerospace and defence markets. The company provides core functions, including the complete spectrum of supply chain management, integrated logistics support, software and cybersecurity and systems engineering.
L3Harris has the potential to create up to 75 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend $18 million in salaries.
It is also estimated that the new employees would contribute provincial tax revenues of around $2.3 million through their income and consumption taxes. As a result, the company would earn a rebate of up to $1.3 million over five years.
The company will be eligible for a smaller rebate if it creates less than 75 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:
Josée Gaulin
L3Harris Technologies Inc.
L3Harris Technologies Inc.
450-476-4111
Email: Josee.Gaulin@L3Harris.com
September 17, 2019
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for East Coast Metal Fabrication (2015) Inc. (ECMF).
Located in Edwardsville, Cape Breton Regional Municipality, ECMF is a custom metal fabricator that services the heavy and light metal fabrication markets as well as the oil, mining and marine industries throughout Canada and internationally.
ECMF has the potential to create up to 80 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $9.45 million in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $1.2 million through their income and consumption taxes. As a result, the company would earn a rebate up to $680,400 over five years.
ECMF will be eligible for a smaller rebate if it creates fewer than 80 new jobs.
media contact: Joe Hines
East Coast Metal Fabrication
902-564-5600
Email: joe@ecmf.ca
July 23, 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.
VERB has the potential to create up to 130 jobs under the five-year payroll rebate agreement.
Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $24.3 million in salaries.
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.
VERB will be eligible for a smaller rebate if it creates fewer than 130 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:
Andy MacLellan
VERB Interactive Inc.
902-478-8729
Email: andy@verbinteractive.com
April 2, 2019
Invest Nova Scotia (INS) has an agreement with Introhive Services (NS) Inc. in the form of a payroll rebate.
Introhive's cloud-based software platform analyzes relationships between an organization's employees and customers, colleagues, and friends, including social media, email, electronic calendars and contacts. The software then creates a company-wide view of relationships that helps businesses improve sales and marketing.
Introhive also has offices in Fredericton, Saint John, Chicago, London, U.K. and Chennai, India.
The company has the potential to create up to 66 jobs in business development and events, data analysis and sales under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $11,460,000 in salaries.
It is also estimated that new employees would contribute provincial tax revenues of $1,472,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $691,800 over five years.
Introhive Services (NS) Inc. would be eligible for a smaller rebate if it creates fewer than 66 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:
Daniel Dowling
Daniel Dowling
Introhive Director of Marketing
630-664-3186
Email: dan.dowling@introhive.com
April 2, 2019
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.
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.
Proposify has the potential to create up to 58 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $16,320,000 in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $1,896,000 through their income and consumption taxes.
As a result, the company would earn a rebate up to $1,057,400 over five years.
As a result, the company would earn a rebate up to $1,057,400 over five years.
Proposify would be eligible for a smaller rebate if it creates fewer than 58 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:
Jennifer Faulkner
Proposify
902-476-8596
Email: jennifer@proposify.com