Atlantic Provinces -> Nova Scotia -> Nova Scotia Budgets -> Nova Scotia 2011 Budget
Nova Scotia 2011 Budget - April 5, 2011
All Budget 2011 documents can be found on the Nova Scotia Budget Documents Archive page.
Highlights of Tax Changes:
Personal Income Tax
Non-refundable tax credits
Effective January 1, 2011, the basic personal amount will be increased by a further $250 to $8,481 from $8,231. Other non-refundable credits that will be increased by the same proportion are the credits for spouse or common-law partner, dependent, pension income, disability, caregiver, age, and infirm/dependents age 18 or older.
The Nova Scotia tax rate tables have been revised to reflect the change in the basic personal amount. The tables of non-refundable tax credits and the Canadian Tax Calculator have been revised. The non-refundable credit amounts that have not yet been detailed by the Nova Scotia government have been estimated using an increase of 3.037%.
Refundable Credits
Tax Reduction for Low-Income Seniors
The Nova Scotia Affordable Living Tax Credit (NSALTC) and the Poverty Reduction Credit payments will be increased by 2.2% effective July 1, 2011.
Corporate Tax
The corporate income tax rate for small businesses will be reduced from 4.5% to 4% effective January 1, 2012. This rate is available to eligible small businesses on the first $400,000 of taxable income. See the tables of corporate income tax rates.
The rate for Large Corporations Tax on capital of non-financial institutions will be reduced on July 1, 2011, from 0.10% to 0.05%, as announced in the 2006-2007 budget. The tax will be eliminated on July 1, 2012.