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  • Strategic Investment Fund disclosures - 2017/18

Strategic Investment Fund disclosures - 2017/18

Monday, September 25, 2017

The following business development incentives in the form of payroll rebates were announced during the fiscal year of 2017-18. Payroll rebates are disbursed through the Strategic Investment Funds.

September 25, 2017

i3Vision Technologies Inc.

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for i3Vision Technologies Inc. 

By expanding its support operations in Yarmouth, the company has the potential to create up to a maximum of 80 jobs under the payroll rebate agreement. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates i3Vision Technologies could spend $12,600,000 in salaries.

It is estimated the new employees would contribute provincial tax revenues of $1,417,000 through their income and consumption taxes. As a result, i3Vision Technologies would earn a rebate of up to $1,018,200 over five years. 

Learn more about i3Vision Technologies

Media Contact: Hugo de Bellefeuille
                i3Vision Technologies Inc.
                514-416-5747
                Email: hugo.debellefeuille@i3vision.ca

June 27, 2017

Pepper Group

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Pepper Services (Canada) Ltd. or Pepper Group. Pepper Group, a residential mortgage, consumer lender and loan servicer, based in Sydney, Australia, has the potential to create up to a maximum of 200 jobs in the expansion of its Global Shared Service Centre in Halifax. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates the company would spend $56,500,000 in salaries. 

It is estimated the new employees would contribute provincial tax revenues of $8,045,000 through their income and consumption taxes. As a result, Pepper Group would earn up to $4,955,000 over five years.

Pepper Group would be eligible for a smaller rebate if it creates fewer than 200 new jobs.

Learn more about Pepper Group

Media Contact: Melinda Hofman, Pepper Group Ltd.
Phone: 612-8913-3030
Email: media@peppergroup.ca

April 25, 2017

MUFG Fund Services 

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for MUFG Fund Services (Halifax) Limited, a contracting entity of MUFG Investor Services. MUFG Investor Services is a core business for Mitsubishi UFJ Financial Group. MUFG Investor Services has the potential to create up to a maximum of 100 jobs in its expansion of business operations in Halifax. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates that MUFG could spend $22 million in salaries. 

It is estimated the new employees would contribute provincial tax revenues of about $2.5 million through their income and consumption taxes. As a result, the company is qualified to earn up to a maximum of $1,554,000 through the payroll rebate agreement.

MUFG would be eligible for a smaller rebate if it creates fewer than 100 new jobs.

Learn more about MUFG

Media Contact: MUFG Investor Services, Four Broadgate
Anthony Cornwell/Monika Witkowska/Danae Quek 
Phone: +44 (0) 0203-697-4200
Email: MUFG@fourbroadgate.com 

April 18, 2017

The Bank of N.T. Butterfield & Son Limited

With the amended business incentive agreement, the company is projected to create an additional 50 jobs in the province, for a total of 100 jobs over the six-year agreement. The amendment reflects both the company’s workforce growth plans and the agreed-upon increase in projected average salaries for the new positions. Based on the maximum growth forecast of the six-year amended payroll rebate agreement, NSBI estimates The Bank of N.T. Butterfield & Son Limited would spend about $21 million in salaries.

It is estimated the new employees would contribute provincial tax revenues of about $2.4 million through their income and consumption taxes. As a result, The Bank of N.T. Butterfield & Son Limited is qualified to earn up to $1,674,237 through the payroll rebate over the six-year agreement.

The Bank of N.T. Butterfield & Son Limited would be eligible for a smaller rebate if it creates fewer than 100 jobs.

Learn more about The Bank of N.T. Butterfield & Son Limited

Media Contact: Mark Johnson, The Bank of N.T. Butterfield & Son Limited
Phone: 441-299-1624
Email: Mark.Johnson@Butterfieldgroup.com 

April 4, 2017 

NTT Data Canada Inc.

NTT DATA Canada Inc. (NTT DATA), located in Halifax, is expanding its Nova Scotia operations and has the potential to create up to 500 jobs in its expansion in Halifax. Based on the maximum growth forecast of the six-year payroll rebate agreement, NSBI estimates that NTT DATA could spend $87.75 million in salaries over the duration of the agreement.

It is estimated the new employees would contribute provincial tax revenues of about $9.511 million through their income and consumption taxes. As a result, the company is qualified to earn up to a maximum of $7,020,000 through the payroll rebate agreement.

NTT DATA would be eligible for a smaller rebate if it creates fewer than 500 new jobs.

Learn more about NTT DATA and their Nova Scotia story

Media Contact: Corie Pierce, NTT DATA
Phone: 972-577-3430
Email: corie.pierce@nttdata.com 

April 4, 2017

Apple Valley Foods Inc. 

Apple Valley Foods Incorporated (AVF), located in Kentville, is a manufacturer and exporter of frozen fruit pies. AVF has the potential to create up to a maximum of 80 jobs in its expansion of its business operations in Nova Scotia. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates that the company would spend $15,400,000 in payroll over the duration of the agreement. 

It’s estimated the new employees would contribute provincial tax revenues of $1,644,000 through their income and consumption taxes over the five years. As a result, AVF would earn up to $1,155,000 through the payroll rebate, over five years.

AVF would be eligible for a smaller rebate based if it creates fewer than 80 new jobs.

Learn more about Apple Valley Foods and their Nova Scotia story

Media Contact: Jeff Sarsfield, Apple Valley Foods 
Email: jsarsfield@applevalleyfoods.com
Phone: 902-679-4701 Ext. 226 

 

Media Contact

Marly Somers
902.424.3527