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

Nova Scotia 2007 Budget - March 23, 2007

All Budget 2008 documents can be found on the Nova Scotia Budget Documents Archive page.

bullet no changes to personal income tax brackets or rates
bullet 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
bullet new $250 refundable tax credit for 2007 for volunteer firefighters, increasing to $375 in 2008 and to $500 in 2009.
bullet new Digital Media Tax Credit starting January 1, 2008, providing a refundable tax credit of 35% of eligible expenditures on digital media productions.
bullet large corporation capital tax continues to be reduced, with a commitment to eliminate it by 2012.
bullet Federal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Quebec:
bulleteffective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.
bulletlifetime capital gains deduction increased from $500,000 to $750,000.
Revised: October 26, 2023

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