How do payroll rebates work?
A payroll rebate is an earned incentive, paid out yearly after a company achieves pre-determined targets.
The rebate is a return on a company’s eligible gross payroll. It is issued over a set number of years – usually between three and five – and to a set amount. This means that for every dollar a company spends in salaries and benefits, NSBI rebates back a percentage.
The payroll rebate agreement includes performance targets that a company must achieve in order to receive the rebate, including:
- Number of new positions created
- Average annual salary
Who is eligible for a payroll rebate?
Nova Scotia Business Inc. supports companies in knowledge-based industries that have a high probability of sustainable growth. We focus our efforts in three targeted sectors: financial services and insurance, information technology, and defence, security, and aerospace.
We invest in companies that are profitable, with a strong management team and a proven track record for success. In most cases, companies must also agree to create at least 20 full-time positions in Nova Scotia.
Learn more about Business Development Incentives.