Payroll Rebate Approved
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Entreprise Castle Hall Alternatives, Inc. (Castle Hall), headquartered in Montreal, PQ.
Castle Hall is a provider of operational due diligence to the investment industry with the potential to create up to a maximum of 40 new jobs under the payroll rebate agreement. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates Castle Hall could spend $4.9 million in salaries.
The new employees are expected to pay provincial, personal income taxes of about $507,958. That will result in Castle Hall earning up to $313,200 through the rebate agreement. Castle Hall would receive a smaller rebate if it creates fewer than 40 new jobs.
- 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 paid after a business has generated actual payroll for the Nova Scotia economy
- for every dollar a company spends on the new jobs, it receives between five and 10 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 paid through the Strategic Investment Funds
Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .