NSBI Approves Payroll Rebate

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for AXIS Specialty Canada Services, ULC (Axis Canada), a wholly owned Canadian subsidiary of AXIS Capital Holdings Limited, for its new operation in Halifax.

AXIS Canada will be focused on developing its Business Technology Centre in Nova Scotia. The centre will play a key role in helping AXIS Capital advance its digitalization initiatives that are focused on providing its customers and partners in distribution with the experiences they expect and require.

AXIS Canada has the potential to create up to 250 jobs under the six-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI has estimated that the company could spend $47.5 million in salaries.

It also estimated that AXIS Canada’s new employees would contribute provincial tax revenues of around $6.1 million through their income and consumption taxes. As a result, the company would earn a rebate of up to $3.61 million over six years.

The company will be eligible for a smaller rebate if it creates fewer than 250 new jobs.

Quick Facts:

• payroll rebates are designed in a way that the tax revenue generated for Nova Scotia by the new jobs 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 has created that year
• payroll rebates are paid through the Strategic Investment Funds

Additional Resources:

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

To learn more about AXIS, including career opportunities visit: http://www.axiscapital.com/canada/careers