Atlantic Provinces -> Nova Scotia -> 2011 Budget

Nova Scotia 2011 Budget - April 5, 2011

All Budget 2011 documents can be found on the Nova Scotia Budget website.

Highlights of Tax Changes:

Personal Income Tax

Non-refundable tax credits

Effective January 1, 2011, the basic personal amount will be increased by a further $250 to $8,481 from $8,231.  Other non-refundable credits that will be increased by the same proportion are the credits for spouse or common-law partner, dependent, pension income, disability, caregiver, age, and infirm/dependents age 18 or older.

The Nova Scotia tax rate tables have been revised to reflect the change in the basic personal amount.  The tables of non-refundable tax credits and the Canadian Tax Calculator have been revised.  The non-refundable credit amounts that have not yet been detailed by the Nova Scotia government have been estimated using an increase of 3.037%.

Refundable Credits

Tax Reduction for Low-Income Seniors

The Nova Scotia Affordable Living Tax Credit (NSALTC) and the Poverty Reduction Credit payments will be increased by 2.2% effective July 1, 2011.

Corporate Tax

The corporate income tax rate for small businesses will be reduced from 4.5% to 4% effective January 1, 2012.  This rate is available to eligible small businesses on the first $400,000 of taxable income.  See the tables of corporate income tax rates.

The rate for Large Corporations Tax on capital of non-financial institutions will be reduced on July 1, 2011, from 0.10% to 0.05%, as announced in the 2006-2007 budget.  The tax will be eliminated on July 1, 2012.

Revised: April 21, 2012