TaxTips.ca - Nova Scotia 2009 budget

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Atlantic Provinces -> Nova Scotia

Nova Scotia 2009 Budget - September 24, 2009

The May 2009 budget was not passed before the NS government was defeated in June. However, the September 24 budget is substantially the same as the May budget. All information under the May 4 budget heading remains unchanged.

New Tax Measures:

HST Energy Rebate

The government is implementing a rebate of the provincial portion of the Harmonized Sales Tax (HST) on residential electricity usage, starting October 1, 2009. The rebate will apply to usage below the current 27.4 kWh per day threshold, and will now cover all residential electricity usage including the monthly basic charge.

For consumers who are being billed at the domestic service rate, the rebate will be automatically deducted from your bill.

See the Access Nova Scotia web page Your Energy Rebate.

New Home Construction Rebate

This rebate was announced on July 7, 2009. A rebate of 50% of the provincial portion of the HST is available for new homes that began construction on or after January 1, 2009 and are substantially complete by March 31, 2010.

The maximum rebate is $7,000. The rebate will be limited to 1,500 homes.

Graduate Retention Rebate

For post-secondary students graduating in 2009 and later years, the graduate retention rebate replaces the graduate tax credit.

Manufacturing and Processing

The Manufacturing and Processing Investment Credit is 10% of eligible investments made on or after January 1, 2010. Details will be announced after further consultations with the manufacturing industry.

Equity Tax Credit

	rate increased from 30% to 35% of the value of eligible investments made, starting January 1, 2010
	maximum annual claim raised from $15,000 to $17,500
	extended to February 29, 2012

Nova Scotia 2009 Budget - May 4, 2009

See the Nova Scotia Budget website for complete details. This budget was not passed.

Personal Tax

	no changes to personal income tax brackets or rates
	Healthy Living Tax Credit - Implementation of the previously announced extension of this credit to cover expenses of adults in 2009 will be temporarily deferred.
	Transit Tax Credit - Implementation of the previously announced credit in 2009, to match the Federal credit, will be temporarily deferred.
	Tobacco taxes were to be increased by $10 per carton of cigarettes effective midnight on May 4, 2009. This change actually took effect at midnight on June 22, 2009.

Corporate Tax

Over 3 years starting in 2011, the small business income tax rate will be cut in half. The rates will be:

	5% for 2009 and 2010
	4% in 2011
	3% in 2012
	2.5% in 2013

Revised: November 03, 2010

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