Atlantic Provinces -> Nova Scotia -> Nova Scotia Budgets -> 2017 Budget September 26, 2017
Nova Scotia tabled a pre-election 2017-2018 budget on April 27, 2017, but this was not passed prior to the election. We have a pdf document with the key measures of the April budget - link at bottom of page. The tax measures in the September 2017 budget appear to be unchanged from the April 2017 budget.
There were both personal and business tax measures announced. All tax measures are subject to legislative approval.
Personal Tax Measures
- The Basic Personal Amount (BPA), Spousal Amount, and Amount for an Eligible Dependant will be increased by $3,000 from $8,481 to $11,481 for the 2018 and subsequent taxation years, for all tax filers who have taxable income of less than $25,000.
- For tax filers who have taxable income over $25,000, the increase of $3,000 will be reduced at the rate of 6% of income in excess of $25,000, and will be reduced to zero at taxable income of $75,000. This leaves a taxpayer with $75,000 of taxable income with a tax credit based on the original $8,481.
- The Age Amount will be increased for 2018 and subsequent taxation years from $4,141 to $5,606. The original $4,141 is reduced at the rate of 15% of net income in excess of $30,828. The additional amount of $1,465 and will be phased out between taxable incomes of $25,000 and $75,000, at a rate of 2.93% of taxable income in excess of $25,000.
See our article on Nova Scotia Personal Tax Credits for more information.
Business Tax Measures
- Effective January 1, 2017, the threshold for the small business deduction is increased from $350,000 to $500,000.
Consumption Tax Measures
- Exemption from motive fuel tax for equipment used in the mining and quarrying sector, effective April 1, 2017
The Key Tax Measures from the September budget start on page 37 of the Nova Scotia Budget 2017-2018 document (42nd page of the pdf).
The Key Tax Measures from the April budget start on page 35 of the Nova Scotia Budget 2017-2018 document (38th page of the pdf).
Revised: December 12, 2017
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