Invest Nova Scotia — Payroll Rebate
NS, Canada
Payroll rebate for Nova Scotia companies
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Wage Subsidies And Interns
grant_single|eligibleIndustries
- Information and cultural industries
- Finance and insurance
- Public administration
grant_single|grantors
- Invest Nova Scotia
- Government of Nova Scotia
grant_single|status
grant_card_status|open
grant_single_labels|preview
If your knowledge-based business generates an economic benefit for Nova Scotia, you may be eligible for a 5% to 10% rebate on your gross payroll.
grant_single_labels|projects
A payroll rebate from Invest Nova Scotia is available for companies in specific knowledge-based industries that meet certain criteria. Eligible activities primarily focus on creating new jobs and offering competitive salaries in targeted sectors.
- Creation of new full-time positions
- Development of knowledge-based industries
- Achieving pre-determined employment targets
- Maintaining or increasing average annual salaries
- Expansion in financial services and insurance, IT, defence, security, and aerospace sectors
grant_single|admissibleProjectsExample
$130,500
Truro
Development of aerospace engineering unit with new engineers
$160,000
Sydney
Enhancement of cybersecurity division with 22 new hires
$204,750
Bedford
Establishment of AI research lab employing 28 researchers
$175,000
Dartmouth
Increased staff for IT service expansion
$166,875
New Glasgow
Creation of data analytics team with 25 data scientists
grant_single_labels|admissibility
The company eligibility criteria for the payroll rebate grant are as follows:
- Companies must be in knowledge-based industries with a high probability of sustainable growth.
- Focus is on three targeted sectors: financial services and insurance, information technology, and defence, security, and aerospace.
- Invest in companies that are profitable, with a strong management team and a proven track record for success.
- In most cases, companies must create at least 20 full-time positions in Nova Scotia.
grant_eligibility_criteria|who_can_apply
Invest Nova Scotia supports companies in knowledge-based industries that demonstrate a high potential for sustainable growth. The focus is primarily on three targeted sectors.
- Financial services and insurance
- Information technology
- Defence, security, and aerospace
grant_eligibility_criteria|who_cannot_apply
Certain types of companies and industries may not be eligible for the payroll rebate offered by Invest Nova Scotia. Restrictions are primarily based on the company's industry and its growth potential.
- Industries outside the targeted sectors: financial services and insurance, information technology, and defence, security, and aerospace.
- Companies with a low probability of sustainable growth.
- Companies without profitable operations or a strong management team.
- Businesses unable or unwilling to create at least 20 full-time positions in Nova Scotia.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant include:
- Salaries paid to employees
- Benefits provided to employees
- Other eligible gross payroll costs
grant_eligibility_criteria|zone
The grant is designed for companies that are located in Nova Scotia. It supports firms operating within the region's key knowledge-based industries.
- Nova Scotia
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The company must achieve pre-determined targets related to the number of new positions created and the average annual salary.
- Number of new positions created
- Average annual salary
grant_single_labels|register
- Step 1: Determine eligibility
- Check if the company operates in knowledge-based industries like financial services, information technology, and defence, security, and aerospace.
- Verify if the company is profitable with a strong management team and a successful track record.
- Ensure the company is willing to create at least 20 full-time positions in Nova Scotia.
- Step 2: Contact Invest Nova Scotia
- Reach out to the Investment Attraction Team or contact Invest Nova Scotia via phone or email to express interest in applying for the payroll rebate.
- Step 3: Submit application
- Work with Invest Nova Scotia to complete and submit the application for the payroll rebate.
- Include details about the company's operations, employment plans, and financial information.
grant_single_labels|contact
info@investnovascotia.ca
1.800.260.6682
Apply to this program
Understanding Nova Scotia's Payroll Rebate Program
The Payroll Rebate Program by Invest Nova Scotia offers a performance-based incentive for companies that create new jobs and drive economic growth, providing rebates based on eligible gross payroll. This initiative aims to support sustainable development across key sectors including financial services, information technology, and aerospace in Nova Scotia.
How the Payroll Rebate Program Works
Nova Scotia’s Payroll Rebate Program is an innovative initiative designed to stimulate economic growth by incentivizing companies to increase their workforce in the province. Administered by Invest Nova Scotia, the program offers a reimbursement to qualifying companies based on their payroll. The rebate functions as a financial incentive encouraging firms to undertake expansions that might otherwise be financially challenging, thus supporting job creation and salary growth. The mechanism of the payroll rebate is rooted in simplicity and effectiveness. Companies that enter into a rebate agreement with Invest Nova Scotia must adhere to specific performance targets. These targets generally include the creation of a set number of new full-time positions, maintained over the duration of the agreement, which typically spans three to five years. The agreement also sets expectations regarding the average annual salary for these positions, ensuring that new jobs offer competitive remuneration. Once a company achieves these pre-determined targets, a negotiated percentage of their eligible gross payroll costs is reimbursed. This creates a strong incentive for companies to not only create jobs but to offer attractive salaries, indirectly boosting the local economy by enhancing the disposable income of residents. Targeted at companies in growth-oriented, knowledge-based sectors, the Payroll Rebate Program focuses on industries with significant potential for sustainable expansion. These include financial services and insurance, information technology, and sectors related to defense, security, and aerospace. Such focus ensures that the benefits of the program align with Nova Scotia’s strategic economic objectives, fostering an ecosystem that supports innovation and high-value employment. To be eligible, companies must demonstrate profitability, possess a reliable management team, and maintain a proven track record of success. They must also be committed to establishing a substantial presence in the province by creating at least 20 new full-time positions. This requirement ensures that beneficiaries contribute to a meaningful economic footprint in Nova Scotia. The payroll rebate stands out for its earned nature; companies receive rebates only after meeting their contractual obligations. This pay-for-performance model mitigates risks, protecting public funds by ensuring that rebates are issued based on tangible economic contributions. In conclusion, the Payroll Rebate Program is a strategic financial incentive designed to attract and nurture high-value enterprises in Nova Scotia. By fostering a fertile environment for business expansion, it not only boosts employment but also enhances the province’s overall economic health. Companies seeking to tap into Nova Scotia’s vibrant sectors can leverage this program to economically justify their growth plans, while simultaneously contributing to a thriving local economy.