Disclosures: Strategic Investment Funds 2023/24
Tuesday, April 30, 2024
The following business development incentives in the form of payroll rebates were announced during the fiscal year of 2023-24. Payroll rebates are disbursed through the Strategic Investment Funds.
Tuesday April 30, 2024
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Strategic Risk Solutions Inc. (SRS), operating as SRS Managers (Canada) Limited. SRS is establishing a new office in Halifax, as it continues to expand globally.
Founded in 1993, SRS is a leading independent captive insurance management firm, offering captive management and consulting services including financial reporting, regulatory compliance, and underwriting. SRS has grown in the past four years, expanding in Europe, South America, and Canada.
As per the five-year payroll rebate agreement, SRS has the potential to create 30 incremental full-time employment positions within Nova Scotia. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates the company could spend up to $6,825,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $876,567 through their income and consumption taxes. As a result, the company could potentially earn a rebate of up to $555,750 over five years.
Media Contact:
Sandra St. Onge
SRS Marketing Manager
Sandra.st.onge@strategicrisks.com
781.666.5011
www.strategicrisks.com
Tuesday, February 20, 2024
Invest Nova Scotia (INS) has approved a business development incentive in the form of payroll rebate for Cognizant Technology Solutions Canada, Inc. a wholly owned subsidiary of Cognizant Technology Solutions Corporation.
Founded in 1994, Cognizant is one of the world’s leading professional services companies, helping clients modernize their business and operating models for the digital era. Cognizant’s clients include some of the world’s most recognizable brands in banking and insurance, healthcare, life sciences, manufacturing, communications & media, technology, retail, energy & utilities, and other industries. Cognizant is headquartered in the United States and has locations across 37 countries worldwide, including offices across Canada, in Toronto, Mississauga, Halifax, Vancouver, Calgary and Montreal. The company is expanding its Halifax office.
As per the terms of this six-year agreement, Cognizant has the potential to create an additional 1,000 IT jobs in addition to the 1,300 jobs created under the first payroll rebate agreement. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $246,560,000 in salaries and benefits.
It is also estimated that the new employees would contribute provincial tax revenues of around $31,887,000 through their income and consumption taxes, in addition to federal taxes. As a result, the company could earn a rebate of up to $20,713,600, over six years, under this agreement.
Media Contact:
Jason Forget
Senior Director, Communications, Cognizant
201.294.7663
Jason.Forget@cognizant.com
Tuesday January 9, 2024
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Oneka Technologies.
Founded in Sherbrooke, Quebec, in 2015, Oneka harnesses wave power to produce fresh water with zero greenhouse gas emissions, zero land use and responsible brine using a modular proprietary desalination solution. As part of their global expansion, Oneka is establishing a new office in Halifax.
As per the five-year payroll rebate agreement, Oneka Technologies has the potential to create 40 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $8,640,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $1,106,671 through their income and consumption taxes. As a result, the company could earn a rebate of up to $691,200 over five years.
Media Contact:
Camille St-Pierre
Commercial Manager, Oneka Technologies
1.819.485.0335 ext 711
onekawater.com
Tuesday December 12, 2023
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Ness Canada, Inc.
Ness Canada, Inc. is a wholly owned subsidiary of Ness Digital Engineering (Ness) a US-headquartered firm. Ness Digital Engineering was acquired by KKR, a leading global investment firm, in 2022. Ness is a full life-cycle digital engineering firm offering digital advisory through scaled engineering services. As part of their global expansion, Ness is establishing a new office in Halifax.
As per the five-year payroll rebate agreement, Ness Canada, Inc. has the potential to create 50 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $9,940,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $1,271,456 through their income and consumption taxes. As a result, the company could earn a rebate of up to $680,400 over five years.
Media Contact:
Tanaya Misra
Global Head, PR & Media Relations, Ness Digital Engineering.
+91 989.021.0810
tanaya.misra@ness.com
www.ness.com
Wednesday, December 6, 2023
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for BMO Financial Group.
BMO is the eighth largest bank in North America by assets, providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States and in select markets globally. The company is expanding their Financial Crimes Unit with the establishment of a new office in Halifax.
As per the five-year payroll rebate agreement, BMO has the potential to create 95 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $27,240,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $3,496,195 through their income and consumption taxes. As a result, the company could earn a rebate of up to $2,159,640 over five years.
Media Contact:
Jeff Roman
Director, Enterprise Media Relations, BMO Financial Group
Jeff.Roman@bmo.com
Tuesday, December 5, 2023
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Opus Fund Services (Canada) Limited.
Opus is an award-winning, independently owned and operated full service global fund administrator.
As per the five-year payroll rebate agreement, Opus Fund Services has the potential to create 40 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $10,070,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $1,346,000 through their income and consumption taxes. As a result, the company could earn a rebate of up to $779,000 over five years.
Media Contact:
Janet Olsen
Global Head of Human Resources, Opus Fund Services
1.929.242.3214
jolsen@opusfundservices.com
Tuesday, October 24, 2023
Invest Nova Scotia (INS) has approved an amendment to a business development incentive agreement in the form of a payroll rebate for NOVONIX.
The amendment will allow the company to increase its workforce. With this change, the company is projected to create 118 more jobs in the province than its original goal, bringing the total to 200.
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, Invest Nova Scotia estimates NOVONIX would spend about $40.4 million in salaries over the length of the agreement.
The new employees would contribute estimated provincial tax revenues of about $5,170,000 through income and consumption taxes. As a result, NOVONIX is qualified to earn up to $3,125,741 through the payroll rebate.
NOVONIX is eligible for a smaller rebate if it creates fewer than 200 jobs.
Media Contact:
Chris Burns, CEO
902-449-9121
chris.burns@novonix.ca
Tuesday, October 10, 2023
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Virtual Hallway Consults Inc.
Virtual Hallway Consults is a medical technology company which improves patient access to specialist medical care through their telephone consultation platform.
As per the five-year payroll agreement, Virtual Hallway Consults has the potential to create 40 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $7,700,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $904,345 through their income and consumption taxes. As a result, the company could earn a rebate of up to $552,300 over five years.
Media contact:
Justin Hartlen
CEO, Virtual Hallway Consults Inc.
1-866-987-2092
info@virtualhallway.ca
Tuesday, May 16, 2023
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Arctic Wolf Networks Canada, Inc., a wholly owned subsidiary of Arctic Wolf Networks Inc.
Arctic Wolf Networks Canada is a cybersecurity company that provides security solutions and monitors on-premises computers, networks, and cloud-based information assets to detect and respond to cyber threats.
As per the five-year payroll agreement, Arctic Wolf Networks has the potential to create 75 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $27,000,000 in salaries and benefits.
Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $3,890,348 through their income and consumption taxes. As a result, the company could earn a rebate of up to $2,016,000 over five years.
Media contact:
Ilina Cashiola
Vice-President, Corporate Communications, Arctic Wolf Networks Inc.
202.240.0517
ilina.cashiola@arcticwolf.com
Tuesday, May 16, 2023
Invest Nova Scotia (INS) has approved a business development incentive in the form of a payroll rebate for Global Spatial Technology Solutions Inc. (GSTS).
GSTS is a Global Maritime Intelligence company delivering solutions to enhance decision making across the maritime and logistics industry. Its platform, OCIANA, is designed to save lives, energy and the environment on a global scale using innovative data collection and analysis techniques.
As per the five-year payroll agreement, GSTS has the potential to create 32 incremental full-time employment positions. Based on the maximum growth forecast of the agreement, Invest Nova Scotia estimates that the company could spend up to $9,720,000 in salaries and benefits. Based on this forecast, it is also estimated that the new employees would contribute provincial tax revenues of around $1,282,000 through their income and consumption taxes. As a result, the company could earn a rebate of up to $664,200 over five years.
Media contact:
Danica Martis
Director Marketing and Communications, GSTS
902.442.4652
danica.martis@gsts.ca