TaxTips.ca
Canadian Tax and
Financial Information
Nova Scotia 2012 budget

Ads keep this website free for you.
TaxTips.ca does not research or endorse any product or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Looking for US tax information?
See
USTaxTips.net

Need an accounting, tax or financial advisor? Look in our Directory.      Stay Connected with TaxTips.ca!

Home
What's New
Calculators
Personal Tax
Business
Sales Taxes
Free in 30!
Financial Planning
RRSP RRIF TFSA
Real Estate
Stocks Bonds etc.
Seniors
Disabilities
Canada
Alberta
British Columbia
Manitoba
Ontario
Quebec
Saskatchewan
Atlantic Provinces
Territories
Federal Budget
Provincial Budgets
Statistics etc.
Glossary
Site Map
Directory
Advertise With Us
Contact Us/About Us
Links & Resources


Atlantic Provinces -> Nova Scotia -> 2012 Budget

Nova Scotia 2012 Budget - April 3, 2012

All Budget 2012 documents can be found on the Nova Scotia Budget website.

Highlights of Tax Changes:

Personal Income Tax

Non-refundable tax credits

Effective January 1, 2012, the spouse and spousal equivalent amounts will be increased to $8,481 from $7,201, matching the basic personal amount.  The disability amount will be increased to $7,341 from $5,035.

The Canada Revenue Agency payroll deduction tables have revised the spouse and spousal equivalent amounts to $9,761 effective July 1, 2012.  This results in an average for 2012 of $8,481 (($7,201 + $9,761)/2).

The tables of non-refundable tax credits have been revised.  The Canadian Tax Calculator will be revised when all provincial budgets have been presented.

The budget indicates that the Nova Scotia child benefit will be increased by 5% effective July 1, 2012.

 

Refundable Credits Increased Effective July 1, 2012

The Nova Scotia Affordable Living Tax Credit (NSALTC) has been increased to $255 for an individual adult and to $60 for a dependent child.

The Poverty Reduction Credit payments will be increased by 2.2% effective July 1, 2011.

 

Harmonized Sales Tax (HST) Reduction

The HST rate will be reduced from the current 15% to 14% effective July 1, 2014 and then to 13% effective July 1, 2015.

 

HST Rebate on New Homes for First-Time Home Buyers

The amount of the rebate is being doubled, to a maximum of $3,000.

Corporate Tax

The corporate income tax rate for small businesses will be reduced from 4% to 3.5% effective January 1, 2013.  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 Large Corporations Tax on capital of non-financial institutions will be eliminated on July 1, 2012, as previously announced.

 

Equity Tax Credit and Labour-Sponsored Venture Capital Tax Credit

These were scheduled to expire on February 29, 2012.  They have both been extended for a 10-year period to February 28, 2022.

 

Revised: September 19, 2017

Copyright © 2002 - 2017 Boat Harbour Investments Ltd. All Rights Reserved  See Reproduction of information from TaxTips.ca

Facebook  | Twitter  |  Google + |  Monthly Newsletter Sign-up  What’s New E-mail Notification RSS News Feed
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. 
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.