July 4, 2024
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.