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Before making a major financial decision you
should consult a qualified professional.
The Nova Scotia tax brackets and personal tax credit amounts are
not increased for inflation.
If Nova Scotia used indexing, their tax brackets
and personal amounts would have been increased for 2023 by an indexation factor
of 1.068 (6.8% increase).
The Federal tax brackets
and personal tax credit amounts are increased for 2023 by an indexation factor of
1.063 (6.3% increase).
(1) See the federal
tax rates page for information on the enhanced federal
personal amount, which increases the marginal tax rates for taxable incomes in
the second highest federal tax bracket. The
marginal tax rates in blue above have been adjusted to reflect these changes.
(2) An additional
$3,000 personal amount for 2018 and subsequent years, which is reduced at the rate of
6% of taxable income in excess of $25,000, is reflected in the
purple marginal tax rates above. It is reduced to zero at taxable
income of $75,000. This increases the marginal tax rates for
taxable incomes over $25,000 and under $75,000. The regular
personal amount of $8,481 does not affect marginal tax
rates for taxable income over $8,481, because it is not reduced as
taxable income increases.
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