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  • Strategic Investment Fund disclosures - 2018/19

Strategic Investment Fund disclosures - 2018/19

Tuesday, November 27, 2018

The following business development incentives in the form of payroll rebates were announced during the fiscal year of 2018-19. Payroll rebates are disbursed through the Strategic Investment Funds.

November 27, 2018

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

Monkedia has created a technology that helps clients improve their digital advertising campaigns by pairing machine learning, artificial intelligence and creative strategies. The company is expanding its satellite office in Dartmouth.

Monkedia has the potential to create up to 50 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $9,360,000 in salaries.  

It is also estimated the new employees would contribute provincial tax revenues of $1,074,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $610,350 over five years. 

Media Contact

Shane Veinot

Monkedia

Email: media@monkedia.com

October 30, 2018

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for MobSquad. The company's new Halifax office is projected to employ up to 106 positions and will export software development and engineering services to U.S.-based clients.

The rebate agreement will be tied directly to 100 of the positions MobSquad will hire, which must be staffed by a combination of new graduates and new Nova Scotians.

Under the five-year payroll rebate agreement, if MobSquad creates the 100 eligible positions, NSBI estimates the company could spend $23,157,000 in salaries.

It is also estimated that the new employees would contribute provincial tax revenues of $2,928,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $2,084,130 over five years.

Media Contact

Irfhan Rawji

MobSquad

587-205-4838

Email: irfhan@mobsquad.io

October 23, 2018

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Manulife's continued growth in Halifax.

Manulife Financial Corporation (Manulife), a leading global financial services company headquartered in Canada, is transforming its business to become a digital, customer-centric market leader. It has decided to expand its existing operation in Halifax, with the potential to create up to a maximum of 600 additional jobs in the province over the next five years. Based on the maximum growth forecast of this 2018 agreement, NSBI estimates the company could spend $139,800,000 in salaries.

Since first entering into a payroll rebate agreement with NSBI in 2014, Manulife has added 152 full-time equivalent jobs in Nova Scotia.

It is also estimated the new employees would contribute provincial tax revenues of $15,852,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $9,877,500 over five years.

Media Contact

Manulife Financial Corporation

Email: media_relations@manulife.com

September 18, 2018

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for DiLytics Canada Inc. DiLytics builds business intelligence, data warehousing, ETL and enterprise performance management based analytic solutions. The company is establishing an office in Halifax.

DiLytics has the potential to create up to a maximum of 30 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $5,880,000 in salaries.

It is also estimated the new employees would contribute provincial tax revenues of $689,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $382,200 over five years.

Media Contact
Nachiket Parab
DiLytics Canada Inc.
902-223-4792
Email: nparab@dilytics.com

July 10, 2018

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

BeyondTrust is a global cyber security company dedicated to preventing privilege misuse and stopping unauthorized access leading to data breaches. The company is expanding its Halifax office.

BeyondTrust has the potential to create up to a maximum of 150 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $37,825,000 in salaries.  

It is also estimated the new employees would contribute provincial tax revenues of $4,842,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $3,120,563 over five years.

Media Contact
Mike Bradshaw
BeyondTrust
801-373-7888
Email: mikeb@connectmarketing.com

June 12, 2018

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for REIN Technologies Inc. REIN is an insurance technology company building an insurance and risk platform. The company isestablishing a new office in Halifax.

The company has the potential to create up to a maximum of 65 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $13,860,000 in salaries. 

It is also estimated the new employees would contribute provincial tax revenues of $1,568,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $1,017,016 over five years. 

Learn more about REIN.

Media Contact
Susanna Riley
REIN Technologies Inc.
704-467-0821
Email: sriley@rein.ai

May 22, 2018

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Velsoft Training Materials Inc., based in New Glasgow, Nova Scotia.

Velsoft, a fully-integrated e-learning company, has the potential to create up to a maximum of 30 new jobs related to the expansion of its virtual campus opportunities and line of business. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $4,500,000 in salaries. 

It is also estimated the new employees would contribute provincial tax revenues of $480,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $315,000 over five years. 

Learn more about Velsoft.

Media Contact
Jim Fitt
Velsoft
902-755-1884
Email: jfitt@velsoft.com

May 15, 2018

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Opus Fund Services (Canada) Limited, an independent and privately owned full-service fund administrator.

Opus Fund Services is expanding its global footprint, adding a new office in Halifax.

The company has the potential to create up to a maximum of 30 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $5,580,000 in salaries. 

It is also estimated the new employees would contribute provincial tax revenues of $627,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $369,000 over five years. 

Learn more about Opus Fund Services

Media Contact
Robin Bedford 
Opus Fund Services 
312-256-9974
Email: rbedford@opusfundservices.com


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

VistaCare Communications, a full-service provider and administrator of commercial communications and building security systems, has the potential to create up to a maximum of 100 jobs under the five-year payroll rebate agreement.

With headquarters in Bedford, the company is expanding their Nova Scotia operations to support growth into new Canadian and U.S. markets.

Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $13,775,000 in salaries. It’s estimated the new employees would contribute provincial tax revenues of $1,475,000 through their income and consumption taxes. As a result, VistaCare Communications would earn up to $826,500 over five years.

Learn more about VistaCare Communications

Media Contact
Wayne Gillian 
VistaCare Communications 
902-220-6007 
Email: wayne.gillian@vistacaretech.com

Media Contact

Emily Neil
Email

902.424.3527