Payroll Rebate Approved
Nova Scotia Business Inc.(NSBI) has approved a business development incentive in the form of a payroll rebate for Bulletproof Solutions ULC (Bulletproof).
Bulletproof, a world-class information technology services and cybersecurity firm, has the potential to create up to a maximum of 60 jobs with the launch of its Secure Cloud Practice in Halifax.
The firm’s significant growth over the past few years has enabled its expansion into the United States, South America and Europe with a sizeable number of projects being delivered by Atlantic Canadians.
Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates Bulletproof could spend $12 million in salaries. It is also estimated the new employees would contribute provincial tax revenues of $1,446,000 through their income and consumption taxes. As a result, Bulletproof would earn a rebate up to $871,500 over five years.
Bulletproof would be eligible for a smaller rebate if it creates fewer than 60 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, www.novascotiabusiness.com/fundingdisclosures .