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
Invest Nova Scotia targets its incentives for companies operating within specific sectors, primarily within Nova Scotia. This alignment ensures that growth initiatives contribute to the regional economic ecosystem.
- Companies located in Nova Scotia.
grant_single|admissibleProjectsExample
$130,500
Development of aerospace engineering unit with new engineers
$160,000
Enhancement of cybersecurity division with 22 new hires
$204,750
Establishment of AI research lab employing 28 researchers
$175,000
Increased staff for IT service expansion
$166,875
Creation of data analytics team with 25 data scientists
grant_single_labels|admissibility
Eligibility for the payroll rebate is determined by specific requirements related to the company's profile and activities within targeted sectors.
- The company must operate within knowledge-based industries.
- Eligible sectors include financial services and insurance, information technology, and defence, security, and aerospace.
- The company should have a high probability of sustainable growth.
- The company must be profitable.
- A strong management team with a proven track record for success is required.
- The company should agree to create at least 20 full-time positions in Nova Scotia.
grant_eligibility_criteria|who_can_apply
Companies in knowledge-based industries such as financial services and insurance, information technology, and defence, security, and aerospace are eligible. These organizations must show a high probability of sustainable growth, profitability, a strong management team, a proven track record of success, and agree to create at least 20 full-time positions in Nova Scotia.
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
Companies eligible for the payroll rebate must undertake activities that contribute to the creation of new jobs and sustainable growth within Nova Scotia's targeted sectors. The focus is on high-impact, knowledge-based initiatives in financial services, information technology, and defence industries.
- Creation of new full-time employment positions in Nova Scotia.
- Engagement in sectors with a high growth potential such as financial services and insurance.
- Development of operations within the information technology sector.
- Investment in projects related to defence, security, and aerospace.
grant_eligibility_criteria|zone
The eligible expenses for the payroll rebate focus on company expenditures related to employee compensation.
- Gross payroll for newly created positions meeting the performance targets.
- Salaries and benefits directly associated with the new full-time positions.
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: Initial Contact
- Reach out to the Invest Nova Scotia team via phone or email to express your interest in the payroll rebate program.
- Request detailed guidance on their specific application process and any pre-application requirements.
- Step 2: Eligibility Assessment
- Review the eligibility criteria thoroughly to ensure your company qualifies for the payroll rebate, especially in terms of industry sector and job creation targets.
- Gather initial data on your company’s capability to meet the performance targets outlined by Invest Nova Scotia.
- Step 3: Information Gathering
- Collect all necessary documentation related to your company’s financials, management, and potential job creation plans.
- Document your company’s growth strategy and how it aligns with the sectors supported by Invest Nova Scotia.
- Step 4: Application Preparation
- Prepare a comprehensive application that includes details on your payroll expenses and projected growth in Nova Scotia.
- Ensure that all required documents, such as financial statements and business plans, are up-to-date and accurate.
- Step 5: Submission of Application
- Submit your completed application to Invest Nova Scotia via the process specified by their contact team, whether online or by other means they indicate.
- Ensure to double-check that all fields are filled accurately and that all attachments are included.
- Step 6: Confirmation
- Await confirmation from Invest Nova Scotia acknowledging receipt of your application.
- Retain the confirmation for your records and future reference.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The payroll rebate is a negotiated percentage based on the company's eligible gross payroll.
- The incentive is disbursed annually over a set period, typically between three to five years.
- Rebates are contingent on meeting specific performance targets outlined in the agreement.
grant_single_labels|contact
info@investnovascotia.ca
1.800.260.6682
Apply to this program
Unlock Growth with Invest Nova Scotia’s Payroll Rebate
The Payroll Rebate offered by Invest Nova Scotia is a significant incentive for businesses in specified knowledge-based industries eager to expand their workforce within the province. This program rewards companies by returning a percentage of their eligible gross payroll based on meeting set performance targets.
Detailed Insight into Invest Nova Scotia’s Payroll Rebate Program
The Payroll Rebate program hosted by Invest Nova Scotia stands as an unparalleled opportunity for company growth and regional development. Primarily targeting the financial services and insurance, information technology, and defense, security, and aerospace sectors, this program is tailored for companies poised for substantial, sustainable growth. It is an earnings-based incentive system that bolsters companies aiming to enhance their operational footprint in Nova Scotia by committing to substantive payroll increases.
Under the payroll rebate scheme, eligible companies enter into a structured agreement outlining the achievement of specific performance benchmarks, which, once met, trigger the payout of rebates. This incentive is yearly and continues over a set duration ranging from three to five years. The rebate sums are meticulously negotiated based on the initial agreement, aligning the interests of both Invest Nova Scotia and the participating company.
Central to this program is the emphasis on creating full-time employment opportunities with competitive salaries. The contractual requirement typically asks for the creation of no less than 20 full-time roles in the province, ensuring not only company growth but also contributing significantly to local employment rates. In doing so, Invest Nova Scotia fosters a nurturing environment for companies willing to invest in Nova Scotia’s labor market.
Companies benefit substantially by effectively reinvesting these rebates into their operations, allowing for potential expansion, increased salary scales for employees, or investment in other pivotal growth projects. The ripple effects of such investments are manifold, likely enhancing the company’s market position and contributing to the overarching economic dynamism of Nova Scotia.
Moreover, the criteria set forth for rebate eligibility engender a competitive, high-standard recruitment process that prioritizes growth-focused, innovative, and ethical practices among companies. Companies must demonstrate their viability through profitability, competent management, and a proven trajectory of success. Such rigorous selection processes ensure that only companies capable of delivering on these goals and contributing positively to the economy are selected, optimizing the program’s impact.
The Payroll Rebate program by Invest Nova Scotia is thus not merely a financial incentive but a cornerstone strategy cultivating robust economic development, encouraging higher employment rates, and fostering a thriving business ecosystem within the province. By offering this rebate, Invest Nova Scotia demonstrates a commitment to facilitating business success while simultaneously investing in the socioeconomic landscape of the region.
This strategic initiative affirms Nova Scotia’s position as an attractive hub for businesses in specialized sectors, equipped with both the resources and financial incentives necessary for significant growth. Through the Payroll Rebate program, businesses enjoy a mutually beneficial relationship with Invest Nova Scotia, aligning corporate expansion with regional economic enhancement — a true testament to efficient public-private collaboration.
