Nova Scotia Business Inc. (NSBI) has approved a business development incentive, in the form of a payroll rebate, for Oxford Frozen Foods Limited.
Oxford Frozen Foods Ltd, a Nova Scotia-based food producer, processor, manufacturer and exporter, has the potential to create up to a maximum of 110 new jobs under the payroll rebate agreement. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates Oxford Frozen Foods could spend an additional $18.7 million in salaries.
In addition to the economic benefits to rural Nova Scotia associated with $18.7 million in wages, the new employees are expected to pay provincial, personal income taxes of about $1,887,000. Under the payroll rebate agreement, Oxford Frozen Foods has an opportunity to earn a rebate up to a maximum of $1,486,800. Oxford Frozen Foods would receive a smaller rebate if it creates fewer than 110 new jobs.
To learn more about Oxford Frozen Foods growth plans visit http://nsbi.ca/oxfordfrozenfoods .
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 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 ten 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 http://www.novascotiabusiness.com/fundingdisclosures .
Source: Release