News release

NSBI Approves Amendment for Growth

Nova Scotia Business Inc. (Dec. 2004 - Nov. 2022)

Nova Scotia Business Inc. (NSBI), has approved an amendment to a business development incentive agreement in the form of a payroll rebate for MUFG Fund Services Limited (Halifax) Limited.

The amendment will allow the company to increase its workforce. With this change, the company is projected to create 150 more jobs in the province than its original goal, bringing the total to 250.

The amendment reflects the company's workforce growth plans and agreed upon increase in projected average salaries for the new positions. Based on the maximum growth forecast, NSBI estimates MUFG would spend about $50.4 million in salaries over the length of the agreement.

The new employees would contribute estimated provincial tax revenues of about $6.4 million through income and consumption taxes. As a result, MUFG is qualified to earn up to $3,774,000 through the payroll rebate.

MUFG is eligible for a smaller rebate if it creates fewer than 250 jobs.

Quick Facts:

  • on April 25, 2017, NSBI announced that MUFG Fund Services (Halifax) Limited had been qualified to earn a payroll rebate for up to a maximum of $1,554,000 over five years, for up to 100 jobs
  • MUFG Fund Services (Halifax) Limited has rebranded and currently operates as MUFG Investor Services (Halifax) Limited
  • payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount spent on the rebate
  • payroll rebates are only paid after a business has generated actual payroll for the Nova Scotia economy
  • for every dollar a company spends on the new jobs, it receives between five and 10 cents back
  • when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year
  • payroll rebates are paid through the Strategic Investment Funds

Additional Resources:

Learn more about MUFG Investor Services: https://www.mufg-investorservices.com/

2017 news release: https://novascotia.ca/news/release/?id=20170425003

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