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  • Disclosures: Strategic Investment Funds 2021/22

Disclosures: Strategic Investment Funds 2021/22

Tuesday, November 30, 2021

The following business development incentives in the form of payroll rebates were announced during the fiscal year of 2021-22. Payroll rebates are disbursed through the Strategic Investment Funds.

November 30, 2021

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

Founded in 2003, FreshBooks is an accounting software company primarily used for small and medium-sized businesses. More than 24 million people in over 160 countries have used FreshBooks. The company has a web-based model which can be accessed easily through desktop and mobile devices to provide invoicing, expenses, payments, and financial reporting. The company is headquartered in Toronto, Ontario and has offices in Canada, USA, Mexico, Croatia, Germany and the Netherlands. The company is hiring technical and support staff across the province of Nova Scotia who can work remotely.

As per the five-year payroll agreement, FreshBooks has the potential to create 50 jobs. Based on the maximum growth forecast of the agreement, it is estimated that the company could spend up to $12,400,000 in salaries and benefits.

It is also estimated that the new employees would contribute provincial tax revenues of around $1,599,000 through their income and consumption taxes. As a result, the company could earn a rebate of up to $888,000 over five years.

Media contact:

Megan Shay 

Email: megan.shay@freshbooks.com      

Phone: 647-460-7001

October 19, 2021

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

Founded in 2006, CPQi Canada is a subsidiary of the CPQi Group, a global financial technology company specializing in managed services and transformational change for financial institutions. CPQi Canada has offices in Halifax and maintains its headquarters in Toronto. The company is expanding its Halifax office. 

As per the five-year payroll agreement, CPQi Canada has the potential to create 140 jobs. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $27,300,000 in salaries and benefits.

It is also estimated that the new employees would contribute provincial tax revenues of around $3,499,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $1,911,000 over five years.

Media contact:

Deborah Boyland 

Email: dboyland@cpqi.com

Phone: +1 647 346 2773

Tuesday, August 31, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for a subsidiary of Ocean Choice International (Ocean Choice). 

Ocean Choice is a family-owned and operated Newfoundland and Labrador Company. It is a fully vertically integrated fishing business that holds quota ownership, a fishing fleet, processing facilities and sells globally. Ocean Choice is headquartered in St. John’s, NL and it has operations throughout Newfoundland and Nova Scotia and sales offices in Europe, China, Japan, Canada and the USA. Through a subsidiary company, Ocean Choice is creating a new seafood distribution and highly automated retail packing facility in Dartmouth, NS. 

The new operation has the potential to create up to 120 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $22,440,000 in salaries.  

It also estimated that the new employees would contribute provincial tax revenues of around $2,892,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $1,412,400 over five years. 

Media Contact: 

Cara Pike

Email: cpike@oceanchoice.com

Phone: 1.709.685.9290

Tuesday, August 24, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for DAMO Technology Corporation, Ltd. 

DAMO Technology Corporation, Ltd. is an innovator in electric transportation and mobility solutions. It is establishing a Halifax office to conduct further technology development and eventually manufacture autonomous electric trucks for the North American market.

As per the six-year payroll rebate agreement, DAMO Technology Corporation Ltd. has the potential to create up to 200 jobs. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $64,000,000 in salaries and benefits. 

It is also estimated that the new employees would contribute provincial tax revenues of around $8,592,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $4,985,000 over six years.  

Media Contact: 

Yuki Wang

Email: mathrew888@gmail.com

Phone: (+86) 185-1970-0506

_____________________________________

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

BDO Canada LLP is a leading provider of assurance, accounting, tax and advisory services in Canada. With 100 years of working with local communities, BDO brings deep industry knowledge to clients of all sizes in virtually all business sectors. BDO has over 125 offices across Canada. The company is expanding its two Nova Scotian offices: Brownlow Avenue in Dartmouth, and Mumford Road in Halifax.

As per the five-year payroll rebate agreement, BDO Canada has the potential to create up to 40 jobs . Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $8,050,000 in salaries and benefits. 

It is also estimated that the new employees would contribute provincial tax revenues of around $1,031,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $645,400 over five years.  

Media Contact: 

Katie Raskina

Proof Strategies

Email: kraskina@getproof.com

Phone: 1-416-452-5355

July 13, 2021  

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Butterfield Support Services (Halifax) Limited.   

Butterfield Support Services is a wholly owned subsidiary of The Bank of N.T. Butterfield & Son Limited (“Butterfield”), a leading, independent offshore bank and trust company, headquartered in Bermuda. Butterfield has operations in Bermuda, Cayman Islands, Channel Islands, UK, Bahamas, Mauritius, Singapore, Switzerland and Canada (Halifax). Butterfield is expanding its service centre in Halifax to continue to support business and client needs.   

Butterfield Support Services has the potential to create up to 80 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $5,070,000 in salaries.  

It also estimated that the new employees would contribute provincial tax revenues of around $2,000,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $1,138,800 over five years.    

Media Contact:  

Nicky Stevens 

Email: Nicky.Stevens@Butterfieldgroup.com 

Phone: +1 441 524 4106 

June 29, 2021

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

Arcturus Studios Inc. is a digital media company that builds software tools for creating, editing, and distributing immersive, volumetric video for both virtual and augmented reality. Arcturus has offices in Dartmouth, Nova Scotia and Los Angeles, California. They are expanding the Dartmouth office.

Arcturus Studios Inc. has the potential to create up to 56 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $17,200,000 in salaries. 

It also estimated that the new employees would contribute provincial tax revenues of around $2,309,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $1,372,000 over five years. 

Media Contact: 

Ryan Fleming

Tel: +1-503-796-9822

Email: ryan@liaisonpr.com

June 22, 2021

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

Payment Rails is the leading worldwide payouts platform for the internet economy. Headquartered in Montreal, Quebec, and with offices in Toronto, Ontario, and London, United Kingdom, Payment Rails is establishing a new office in Halifax, Nova Scotia. The company is increasing its North American footprint with growth of a new location in Nova Scotia. 

Payment Rails has the potential to create up to 40 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $1,690,000 in salaries. 

It also estimated that the new employees would contribute provincial tax revenues of around $816,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $449,800 over five years. 

Media Contact: 

Tim Nixon

Email: press@paymentrails.com

Phone: 855-672-9688

May 25, 2021

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

CLOUDLOGIC TECHNOLOGIES is a global software development company and innovator in migrating business critical on-premises legacy software applications to modern cloud platform. The company serves its global clients for application modernization, cloud native apps, custom software application development, DevOps automation and digitization. Cloudlogic Technologies has driven innovation across Insurance, Manufacturing, Healthcare and Education industries in the last decade. Cloudlogic Technologies uses an array of AWS, Microsoft Azure and Google cloud platform services. The company carries on that tradition of digital transformation—bringing AI Data Analytics, CloudSmart ERP solutions to manufacturing industries, developing secure web, and mobile applications for education campuses, institutions, and health care systems. 

Cloudlogic Technologies is headquartered in Puducherry (Pondicherry), India. The company is establishing a new office in Halifax, Canada. They are looking to increase their North American footprint by entering Nova Scotia. 

Cloudlogic Technologies has the potential to create up to 44 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $6,968,000 in salaries. 

It also estimated that the new employees would contribute provincial tax revenues of around $892,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $574,860 over five years. 

Media Contact: 

Naveen Jothigan 

Email: naveen@cloudlogic.tech 

Phone: +91 9840802462 

May 25, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Marsh Canada Limited/Marsh Canada Limitée. Marsh Canada is a subsidiary of Marsh McLennan, a global leader in insurance broking and risk management. Marsh Canada has 15 offices in Canada, including two in Halifax. One Halifax office is focused on brokerage, and the other is focused on captive insurance management. Marsh is expanding its captive insurance operations in Halifax. 

Marsh Canada has the potential to create up to 60 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $14,000,000 in salaries.

It also estimated that the new employees would contribute provincial tax revenues of around $1,793,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $1,108,800 over five years.

Media Contact:

Michelle Sivanayson

Email: michelle.sivanayson@marsh.com

Phone: 902-429-1286

May 11, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Virtusa Corporation. Founded in 1996, Virtusa Corporation is headquartered in Southborough, MA. The company is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, and Technology industries. Virtusa has a worldwide presence of around 25,000 employees with offices throughout the United States, Europe and Asia. They are looking to increase their North American footprint by entering into Nova Scotia.

Virtusa Corporation has the potential to create up to 180 jobs and corresponding potential payroll investments of up to a stretch maximum of $32,200,000 within the five-year term of the payroll rebate.

It is also estimated that the new employees would contribute provincial tax revenues of around $4,125,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $2,457,000 over five years.

Media Contact:

Matt Berry

Tel: 201-370-9133 

Email: matt@conversionam.com 

May 11, 2021 

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for NOVONIX. Founded in 2013, NOVONIX is a battery materials and technology company enabling an electrified future for electric vehicles and grid energy storage. NOVONIX  R&D, hardware and and battery testing division are located in Bedford, NS and they have a materials production plant Chattanooga, TN. They are expanding their Bedford location and planning to add another facility in Dartmouth.  

NOVONIX Battery Testing Services Inc. has the potential to create up to 82 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $15,819,300 in salaries. 

It also estimated that the new employees would contribute provincial tax revenues of around $2,028,000 through their income and consumption taxes. In this scenario, the company would earn a rebate of up to $1,281,819 over five years. 

Media Contact: 

Chris Burns, CEO 

Tel: 902-449-9121 

Email: chris.burns@novonix.ca 

April 27, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Bomgar Canada Limited doing business as BeyondTrust. Founded in 1985, BeyondTrust is a worldwide leader in cybersecurity, offering Privileged Access Management (PAM) solutions that empower companies to secure and manage their entire universe of privileges. They have thirteen offices in eight countries, including one in Canada. BeyondTrust is expanding its Halifax, Nova Scotia office with this incentive. 

BeyondTrust has the potential to create up to 140 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $55,000,000 in salaries.

It is also estimated that the new employees would contribute provincial tax revenues of around $7,593,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $3,630,000 over five years.

Media Contact:

Mike Bradshaw, Connect Marketing

Tel: (801) 373-7888

Email:  mikeb@connectmarketing.com

For media queries contact:
902.424.3527