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Atlantic Provinces -> Nova Scotia -> Nova Scotia Budgets

Nova Scotia Budgets

All budget provisions are subject to legislative approval.

Nova Scotia 2022 Budget - March 29, 2022

See Nova Scotia Budget Documents 2022 to 2023 for full details, and Key Tax Measures starting at page 38 of Budget 2022-2023 (page 41 of the pdf).

Legislation is expected to be introduced in the Financial Measures Act 2022.

Tax Measures:

bulletNew: Children's Sports and Arts Refundable Tax Credit
bullet$500 credit, effective for 2022 and subsequent taxation years.
bulletfor children under the age of 19.
bulletNew: 40% Fertility and Surrogacy Rebate
bulletMaximum claim is a total of $20,000 in eligible costs, for a maximum annual refundable tax credit of $8,000.
bulletEffective for the 2022 and subsequent taxation years.
bulletTreatments must be provided by a Nova Scotia licensed medical practitioner.
bulletNo lifetime maximum.
bulletExpenditures for which the surrogate claims medical expenses are not eligible for the rebate.
bulletNew: More Opportunity for Skilled Trades (MOST)
bulletStarting in 2022, will return personal income tax paid on the first $50,000 of earnings for under the age of 30, who are employed and registered in selected skilled trades and occupations in industries where there are labour shortages.
bulletTo start, selected occupations in eligible sectors will include manufacturing, computer and IT, transportation, film, video, and service sectors.
bulletNew: Non-Resident Provincial Deed Transfer Tax
bulletTax of 5% will be assessed from April 1, 2022, for property purchased by non-residents of Nova Scotia.
bulletWill not apply to a transaction where Agreement of Purchase and Sale is entered into prior to April 1, 2022.
bulletNon-resident purchasers who move to the province within 6 months of the closing date of the transaction will be exempt from the deed transfer tax.
bulletNew: Non-Resident Property Tax - Now scrapped - see May 5, 2022 news release
bulletCriteria were going to be:
bulletThe tax of $2 per $100 of assessed value of residential real property owned by a non-resident of Nova Scotia will be effective as of April 1, 2022.
bulletWill not apply to residential properties that leased for 12 months or longer to Nova Scotia residents.
bulletWill not apply to residential properties that contain more than 3 units.

Nova Scotia 2021 Budget - March 25, 2021

See Nova Scotia Budget Documents 2021 to 2022 for full details, and Key Tax Measures starting at page 38 of Budget 2021-2022 (page 40 of the pdf).  No tax measures were announced other than:

bulletEquity Tax Credit for investments in Community Economic Development Investment Funds (CEDIFs) extended for a 10-year period to February 28, 2032.

Projected deficits:

bullet$705.5 million for 2020-21 fiscal year
bullet$584.9 million for 2021-22 fiscal year

There are many more non-tax budget measures - see the main Nova Scotia Budget page for a summary.

See Bill 105 Financial Measures (2021) Act re the Equity Tax Credit legislation revisions.

Nova Scotia 2020 Budget - February 25, 2020

See Nova Scotia Budget Documents 2020-21 for full details, and Key Tax Measures starting at page 35 of Budget 2020-21 (pdf).  No personal tax changes were announced.

bullet The corporate income tax rate is to be reduced from 16% to 14%, with the small business tax rate reduced from 3% to 2.5%.  Both rate changes are effective April 1, 2020.
bullet A tax on vaping products will be introduced starting September 15, 2020.
bullet Tax on cigarettes, cigars and other forms of tobacco are increased effective February 26, 2020.
bullet The digital media and digital animation tax credits will be extended to December 31, 2025.

Nova Scotia is forecasting a surplus of $55 million for the 2020-21 fiscal year.

Bill 243 Financial Measures (2020) Act, which received Royal Assent on Mar 10, 2020, provides for the Budget measures above.

Nova Scotia 2019 Budget - March 26, 2019

See Nova Scotia Budget 2019-20 for full details.

bullet New Venture Capital Personal and Corporate Tax Credit will be introduced effective April 1, 2019, available for both individual and corporate investors, with a tax credit rate of 15%.
bullet The Equity Tax Credit will be phased out as of December 31, 2019.  Applications will be accepted until that date.

For more information see:

bullet Key Tax Measures on page 34 of the Budget 2019-20 document (page 38 of the pdf) on the Nova Scotia website.
bullet Bill 136 Financial Measures (2019) Act

Nova Scotia 2018 Budget - March 20, 2018

See Nova Scotia Budget 2018-19 for full details.  All budget measures are subject to legislative approval.

Personal Income Tax

bullet The $10,000 limit on medical expenses for other financially dependent relatives is being removed from the Income Tax Act.  It has not actually been applied since 2011, when the Federal limit was removed.  This is a separate tax credit from the medical expense tax credit for spouses and children.
bullet A new Innovation Equity Tax Credit will be introduced, beginning January 1, 2019.  The existing Equity Tax Credit will be phased out over time.

Cannabis Tax:  The federal government will impose a federal excise duty of $0.25 per gram of flowering material in a cannabis product and will collect a $0.75 per gram additional duty on behalf of the province.

For more information see Key Tax Measures on page 39 of the Budget 2018-19 document on the Nova Scotia website.

NS 2017 Budget - September 26, 2017

NS 2016 Budget - April 19, 2016

See the Nova Scotia Budget documents 2016 to 2017 for details.  No tax changes were announced.

NS 2015 Budget - April 10, 2015

See Nova Scotia Budget Documents Archive for budget documents, and Bill No. 108 Financial Measures (2015) Act.

Tax Highlights, effective January 1, 2015 unless otherwise indicated:

bulletDividend tax Credit for non-eligible dividends reduced from 5.87% to 3.5% of the taxable (grossed-up) dividend.  The legislation actually changed the rate to 22.94% of the federal gross-up.
bulletHealthy Living Tax credit eliminated, because it is not helping low-income Nova Scotians as intended.
bulletTobacco tax increase $0.02 per unit effective April 10 2015.
bulletFilm Industry Tax Credit to be maintained, but changed from fully refundable to 25% refundable, effective July 1, 2015.
bulletNew $6 million program fund to support film, animation, music/sound recording and publishing - will begin in 2016.

NS 2014 Budget - April 3, 2014

See the Nova Scotia Budget Documents Archive for budget documents.

Tax Highlights:

bulletEffective January 1, 2014, the Graduate Retention Rebate will be eliminated.  Graduates are still able to receive the rebate for the 2013 tax year.
bulletThe previously announced HST rate reduction will not happen - the rate will stay at 15%.  Government will consider reducing the HST rate when sustainable fiscal balances are achieved.
bulletThe tax reduction for low-income seniors receiving GIS and the non-refundable Age Amount tax credit will continue.
bulletOn January 1, 2015 the efficiency fee will come off all power bills.
bulletEligibility for the Child Tax Benefit will be expanded to 1,300 more children from low-income families.
bulletThe previously announced new provincial $1,000 age tax credit (non-refundable) starting in 2014 will still be available, for seniors with taxable income under $24,000.
bulletThe Affordable Living Tax Credit will be continued.

NS 2013 Budget - April 4, 2013

See the Nova Scotia Budget Documents Archive for budget documents.

Tax Highlights:

bulletSmall business corporate tax rate reduced to 3% effective January 1, 2014, and the small business limit threshold will be reduced from $400,000 to $350,000
bulletAs previously announced, HST rate will be reduced to 14% in 2014 and 13% in 2015 - Not being done
bulletNew provincial $1,000 age amount tax credit (non-refundable) starting in 2014
bulletIncrease of $200 in the maximum property tax rebate for low-income seniors, bringing the total rebate up to $800
bulletIncrease in tobacco tax of 2 cents per cigarette or gram of fine-cut tobacco, effective April 5, 2013.

NS Previous Budgets

2012 Budget

2011 Budget

2010 Budget

2009 Budget

2008 Budget

2007 Budget

Revised: May 06, 2022


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