Province Supports RBC’s Growth in Nova Scotia

The Province is supporting the Royal Bank of Canada’s (RBC) growth in Nova Scotia with a new payroll rebate agreement that could see up to 1,000 new jobs added over six years.

With this agreement, RBC is continuing its commitment to strengthen its emerging technology ecosystem in Nova Scotia. RBC’s first payroll agreement attracted a Global Shared Services Centre to Bedford and exceeded employment expectations with more than 850 full-time equivalent positions.

“Our province is actively encouraging innovative, sustainable and purpose-driven businesses to establish, expand or relocate here, and RBC is an excellent success story,” said Economic Development Minister Susan Corkum-Greek, also the Minister responsible for Invest Nova Scotia. “We’re excited to see an employer like RBC choose Nova Scotia as it continues to expand its operations.”

RBC could spend up to $366 million in combined salaries and benefits within six years, with the Province collecting income and consumption taxes of about $49.5 million. As a result, the company could earn a maximum rebate of up to $37.8 million.

Quotes:

“RBC is thrilled to renew our commitment to Nova Scotia. The more than 850 full-time positions created in the last six years at our Halifax Innovation Hub complement the existing 2,500 RBC employees across Atlantic Canada. We’re confident that many of the new technology specialty roles will contribute to Nova Scotia’s ecosystem of more than 66,000 employees currently working in tech, banking, financial services and insurance.”
— Bernice Dunsby, Senior Vice-President, Transformation and Enterprise Operations, RBC

“RBC’s Halifax Innovation Hub is a real success story, not just for our organization, but for the entire province. These jobs offer Nova Scotians competitive salaries and benefits and strong opportunities for career growth and development. The innovation hub is helping position Nova Scotia as a centre of expertise in technology, banking and financial services and is helping drive our local and provincial economy. There are many great cities across Canada in which to do business, and I am thrilled RBC chose Halifax for this growth and expansion.”
— Chris Ronald, Regional President, Atlantic Canada, RBC

“The financial services sector, through employers like RBC, creates the opportunity for more high-paying and high-productivity jobs in Nova Scotia. Their recent $600,000 donation to Dalhousie University to increase diversity in healthcare education and the $700,000 donation to Nova Scotia Community College’s electrical technician program to train students on new sources of energy further demonstrates RBC’s commitment to the success of the province.”
— Peter MacAskill, President and CEO, Invest Nova Scotia

Quick Facts:

• founded in Halifax in 1864, RBC is Canada’s biggest bank and one of the largest in the world based on market capitalization
• payroll rebates are structured to ensure the tax revenue generated for the province by the new jobs is more than the amount paid out
• RBC will be eligible for a smaller rebate if targets outlined in the agreement are not met