Canadian Tax and
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Nova Scotia 2007 Budget

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Atlantic Provinces   ->   Nova Scotia ->   Nova Scotia Budgets -> Nova Scotia 2007 Budget

Nova Scotia 2007 Budget - March 23, 2007

    - no changes to personal income tax brackets or rates

    - for those who graduate from eligible post-secondary programs after January 1, 2008, the graduate tax credit is increased from $1,000 to $2,000

    - new $250 refundable tax credit for 2007 for volunteer firefighters, increasing to $375 in 2008 and to $500 in 2009.

    - new Digital Media Tax Credit starting January 1, 2008, providing a refundable tax credit of 35% of eligible expenditures on digital media productions.

    - large corporation capital tax continues to be reduced, with a commitment to eliminate it by 2012.

    - Federal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Quebec:

            - effective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.

            - lifetime capital gains deduction increased from $500,000 to $750,000.


Revised: April 22, 2019

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