Payroll Rebate Approved

first_imgNova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for GeoSpectrum Technologies Inc. GeoSpectrum specializes in underwater acoustic transducers and listening systems. A transducer is an electronic device that converts energy from one form to another such as microphones and loudspeakers. For over two decades, the company has been meeting the needs of their customers as designers and manufacturers of hydrophones and sound projectors as well as consultants on the integration and testing of acoustic systems in the aerospace and defence sector. By expanding operations in Nova Scotia, the company has the potential to create up to a maximum of 30 jobs under the payroll rebate agreement. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates GeoSpectrum Technologies could spend $7,000,000 in salaries. It is estimated the new employees would contribute provincial tax revenues of $821,000 through their income and consumption taxes. As a result, GeoSpectrum Technologies would earn up to $490,000 over five years. GeoSpectrum Technologies would be eligible for a smaller rebate if it creates fewer than 30 new jobs. Quick facts: 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.center_img Information on NSBI transactions can be found at: http://www.novascotiabusiness.com/fundingdisclosures -30-last_img read more

Read More »

UNs top refugee official urges Afghanistans neighbours to keep borders open

“Many Afghans are not only afraid of what may happen in future, but are now – in addition to the current tensions – fearing even greater difficulties than before because international humanitarian agencies like mine had to withdraw their international staff,” said Ruud Lubbers in a statement released in Geneva.The High Commissioner assured neighbouring States that UNHCR and the international community would be there to assist in the humanitarian effort. “They will not be left alone,” he said, calling for countries to join forces to provide relief to Afghanistan. “If there is to be a military coalition, there should also be a humanitarian coalition to really share the burden,” he said.As chief of a worldwide humanitarian agency responsible for helping nearly 22 million refugees and others, Mr. Lubbers also made a strong appeal to leaders everywhere to prevent hostility against Afghans and other Muslim asylum-seekers and refugees. “It would be very wrong if they were to become the target of popular anger or of restrictive governmental measures,” he said.Meanwhile, the UN Food and Agriculture Organization (FAO) today warned that an already grave food crisis in Afghanistan could worsen. With starvation threatening millions of Afghans, FAO said, “the issue of life-saving will pose a serious challenge to the international community in the coming months.”The recent evacuation of international relief workers from Afghanistan will seriously affect the food security of large numbers of vulnerable people, according to FAO. “The emergency relief operations are likely to come to a virtual halt, even though humanitarian agencies would rely on their local staff to carry out the operations to the extent possible.” Crucial humanitarian programmes such as UN-supported bakeries that feed more than 300,000 vulnerable people in Kabul are likely to be seriously affected. read more

Read More »

CMHC gave Maple Bank green light shortly before banking watchdog seized banks

by Alexandra Posadzki, The Canadian Press Posted Aug 18, 2016 2:00 am MDT Last Updated Aug 18, 2016 at 7:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email CMHC gave Maple Bank green light shortly before banking watchdog seized bank’s assets TORONTO – Canada’s national housing agency gave Maple Bank GmbH’s Canadian branch the green light during a financial review, just one month before the federal banking watchdog seized the company’s assets amid a German tax investigation, documents show.Documents obtained by The Canadian Press through an access-to-information request show that the Canada Mortgage and Housing Corporation reviewed Maple Bank GmbH’s status as an issuer of mortgage-backed securities and a seller of Canada Mortgage Bonds in January 2016.At the time, CMHC’s so-called operations support division said it was “comfortable” maintaining Maple Bank’s status, the documents show.The housing agency was aware of the German bank’s dispute with authorities, which had been ongoing for about four years, according to the documents.A month after the financial review, Canada’s federal banking regulator announced it was taking temporary control of the Canadian branch’s assets in light of the news that German banking regulator BaFin was shuttering the bank after a tax dispute threatened its financial stability.Maple Bank is headquartered in Frankfurt but has a Toronto branch where its main business was securitization, securities financing and structured secured wholesale lending.On Feb. 11, an insolvency administrator was appointed in Germany to handle the windup of the bank’s operations.The Office of the Superintendent of Financial Institutions, Canada’s banking watchdog, announced on Feb. 15 that it was making its temporary control of Maple Bank’s assets permanent.The following day, the Ontario Superior Court granted a winding-up order with respect to Maple’s Canadian branch and appointed KPMG as the liquidator. A winding-up order is a court order that forces an insolvent company into compulsory liquidation.When asked why CMHC was comfortable with maintaining Maple Bank’s status as an issuer of securities even though it was aware of the ongoing German tax probe, the federal agency said it does not disclose details of its internal assessments.“CMHC has a rigorous process to assess participants in its securitization programs,” the agency said in an emailed statement.“This includes the daily monitoring and evaluation of both public and non-public information to assess its risks, including the risk of loss due to the failure of any counterparty. CMHC’s securitization programs are structured to minimize the risk of loss if a party were to fail.”A spokesperson added that CMHC does not expect to incur any losses stemming from Maple Bank’s failure.Maple Bank did not return requests for comment.The insolvency of Maple Bank GmbH also prompted CMHC to undertake a review of another issuer, according to the documents, although the entity’s name is redacted.When asked for more details on that review, CMHC said it “regularly reviews all issuers and assesses any events that may impact them.”The federal agency declined to identify the entity under review or provide any further details.———Follow @alexposadzki on Twitter read more

Read More »