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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