Invest Nova Scotia — Payroll Rebate
Highlights
This program is designed for businesses like yours in the financial services, IT, and defense sectors. It offers a payroll rebate that rewards you for creating new jobs and paying competitive salaries. This means you can get back a percentage of your payroll costs, which can significantly reduce your expenses.
Why Apply?
- Financial Incentive: Receive a rebate on your eligible gross payroll, paid out yearly.
- Performance-Based: The more jobs you create and the higher the salaries, the more you earn back.
- Sustainable Growth: Focus on long-term growth with support from Invest Nova Scotia.
What's in it for You?
- Cost Savings: Lower your payroll expenses with rebates.
- Growth Support: Financial backing to help you expand and hire more staff.
- Easy Qualification: If you are already creating jobs and paying competitive salaries, you likely qualify.
Applying for this program can help you grow your business while reducing costs, making it a smart move for your company's future.
Financing Details
Type of Financing: Wage Subsidy
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. The subsidy is non-repayable.
Eligible Expenses:
- Salaries and wages for new full-time positions.
- Employee benefits directly tied to the new positions.
Ineligible Expenses:
- Funds cannot be used for existing employee wages.
- Cannot be applied to operational costs unrelated to new positions.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be in a knowledge-based industry.
- Must operate in one of the following sectors:
- Financial services and insurance
- Information technology
- Defence, security, and aerospace
- Must be profitable.
- Must have a strong management team.
- Must have a proven track record for success.
Must agree to create at least 20 full-time positions in Nova Scotia.
Disqualifications:
- Businesses outside the targeted sectors (financial services and insurance, information technology, defence, security, and aerospace).
Description
The payroll rebate program offers your business a chance to earn back a portion of your payroll expenses. You can receive a rebate on your eligible gross payroll, which is paid out yearly after meeting specific targets. This rebate is typically spread over three to five years.
Key benefits include:
- Rebate on salaries and benefits: For every dollar you spend on eligible payroll, you get back a negotiated percentage.
- Performance-based: You must meet targets like creating new positions and maintaining an average annual salary to qualify for the rebate.
This program is designed to support sustainable growth in knowledge-based industries, making it a valuable opportunity for your business to expand and thrive.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These include:
- Business Plan
- Financial Statements (last 3 years)
- Proof of Business Registration
- Tax Returns (last 3 years)
- Payroll Records
- Projected Financials
- Details of New Positions Created
- Average Annual Salary Information
Complete the Application Form: Fill out the application form provided by Invest Nova Scotia. Ensure all sections are completed accurately.
Submit the Application: Send the completed application form along with the required documentation to Invest Nova Scotia through their specified submission method (online portal, email, or mail).
Await Confirmation: After submission, wait for confirmation from Invest Nova Scotia that your application has been received and is under review.
Participate in Follow-Up: Be prepared to provide additional information or clarification if requested by Invest Nova Scotia during the review process.
Review and Sign Agreement: If your application is approved, review the payroll rebate agreement carefully. Ensure you understand the performance targets and terms.
Implement and Track Performance: Once the agreement is signed, implement your business plan and track your performance to meet the targets set in the agreement.
Submit Annual Reports: Annually, submit reports to Invest Nova Scotia detailing your progress, including the number of new positions created and average salaries.
Receive Rebate Payments: Upon meeting the performance targets, receive your payroll rebate payments as outlined in the agreement.
