NSBI Approves Payroll Rebate
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for REIN Technologies Inc. REIN is an insurance technology company building an insurance and risk platform. The company is establishing a new office in Halifax.
The company has the potential to create up to a maximum of 65 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $13,860,000 in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $1,568,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $1,017,016 over five years.
REIN would be eligible for a smaller rebate if it creates fewer than 65 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 of 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 Fund
Go to http://www.novascotiabusiness.com/fundingdisclosures for information on NSBI transactions.