8:45 am - Wednesday, October 17 2018
Home / News / NSBI Approves Payroll Rebate

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.

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 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.

Source: Release

About Haligonia Editors

See news happening near you? Tell us. Click here to email our team.

 

The views and opinions expressed in this content are those of the author and do not necessarily reflect those of haligonia.ca.

You might also like...

1529358078738

Missing person: Help police locate Joseph Tobin

RCMP is asking for public’s help to locate 39-year-old Joseph Tobin. Tobin was last seen...

Leave a Reply

Your email address will not be published. Required fields are marked *