Payroll Rebates Approved

Nova Scotia Business Inc. (NSBI) has approved business development incentives in the form of payroll rebates for Minacs Group Inc. and Track Group Analytics.

Minacs Group Inc. is an outsourcing business solutions company with the potential to create up to a maximum of 50 new big data analytics jobs. NSBI estimates that the company could spend about $6.48 million in salaries. New employees will pay provincial personal income taxes of about $671,000, which could earn the company up to $506,250 through the five-year payroll agreement.

Track Group Analytics is a tech and data analytics company with the potential to create up to a maximum of 60 new jobs. NSBI estimates that the company could spend about $13.65 million in salaries. New employees will pay provincial personal income taxes of about $1.548 million, which could earn the company up to $1,060,500 through the five-year payroll agreement.

Each company is eligible for a smaller rebate if they don't create the maximum number of jobs calculated.

Quick facts:

• 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
• payroll rebates are only disbursed after a business has generated actual payroll generated for the Nova Scotia economy
• for every dollar a company spends on the new jobs, it receives between five and ten cents back
• when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year
• payroll rebates are disbursed through the Strategic Investment Funds

For more information on NSBI transactions, visit http://www.novascotiabusiness.com/fundingdisclosures.