NSBI Approves Payroll Rebate

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Manulife’s continued growth in Halifax. Manulife Financial Corporation (Manulife), a leading global financial services company headquartered in Canada, is transforming its business to become a digital, customer-centric market leader. It has decided to expand its existing operation in Halifax, with the potential to create up to a maximum of 600 additional jobs in the province over the next five years. Based on the maximum growth forecast of this 2018 agreement, NSBI estimates the company could spend $139,800,000 in salaries. Since first entering into a payroll rebate agreement with NSBI in 2014, Manulife has added 152 full-time equivalent jobs in Nova Scotia. It is also estimated the new employees would contribute provincial tax revenues of $15,852,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $9,877,500 over five years. Manulife would be eligible for a smaller rebate if it creates fewer than 600 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 Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures . Source: Release

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Manulife’s continued growth in Halifax.

Manulife Financial Corporation (Manulife), a leading global financial services company headquartered in Canada, is transforming its business to become a digital, customer-centric market leader. It has decided to expand its existing operation in Halifax, with the potential to create up to a maximum of 600 additional jobs in the province over the next five years. Based on the maximum growth forecast of this 2018 agreement, NSBI estimates the company could spend $139,800,000 in salaries.

Since first entering into a payroll rebate agreement with NSBI in 2014, Manulife has added 152 full-time equivalent jobs in Nova Scotia.

It is also estimated the new employees would contribute provincial tax revenues of $15,852,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $9,877,500 over five years.

Manulife would be eligible for a smaller rebate if it creates fewer than 600 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

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

Source: Release

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