Payroll Rebate Approved

Nova Scotia Business Inc.

February 2, 2016 10:31 AM


Nova Scotia Business Inc. (NSBI) has approved a business development incentive, in the form of a payroll rebate, for Oxford Frozen Foods Limited.

Oxford Frozen Foods Ltd, a Nova Scotia-based food producer, processor, manufacturer and exporter, has the potential to create up to a maximum of 110 new jobs under the payroll rebate agreement. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates Oxford Frozen Foods could spend an additional $18.7 million in salaries.

In addition to the economic benefits to rural Nova Scotia associated with $18.7 million in wages, the new employees are expected to pay provincial, personal income taxes of about $1,887,000. Under the payroll rebate agreement, Oxford Frozen Foods has an opportunity to earn a rebate up to a maximum of $1,486,800. Oxford Frozen Foods would receive a smaller rebate if it creates fewer than 110 new jobs.

To learn more about Oxford Frozen Foods growth plans visit http://nsbi.ca/oxfordfrozenfoods .

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 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 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 paid through the Strategic Investment Funds

Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .

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Media Contacts: Mel Rusinak
                Nova Scotia Business Inc.
                902-424-6390
                Email: mrusinak@nsbi.ca

                Jordan Burkhardt
                Oxford Frozen Foods
                902-447-2100 Ext 2064
                Email: jordan.burkhardt@oxfordfrozenfoods.com