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Nova Scotia 2017 Budget

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Atlantic Provinces -> Nova Scotia -> Nova Scotia Budgets -> 2017 Budget

Nova Scotia 2017 Budget - April 27, 2017

The Nova Scotia full budget for 2017 is available on the Nova Scotia Budget website

There were both personal and business tax measures announced.  All tax measures are subject to legislative approval.

Personal Tax Measures

    - The Basic Personal Amount (BPA), Spousal Amount, and Amount for an Eligible Dependant will be increased by $3,000 from $8,481 to $11,481 for the 2018 and subsequent taxation years, for all tax filers who have taxable income of less than $25,000.

    - For tax filers who have taxable income over $25,000, the increase of $3,000 will be reduced at the rate of 6% of income in excess of $25,000, and will be reduced to zero at taxable income of $75,000.  This leaves a taxpayer with $75,000 of taxable income with a tax credit based on the original $8,481.

    - The age amount will be increased for 2018 and subsequent taxation years from $4,141 to $5,606.  It is reduced at the rate of 15% of net income in excess of $30,828.  The maximum benefit will be available to taxpayers with taxable income of less than $25,000, and will be phased out between taxable incomes of $25,000 and $75,000.

Business Tax Measures

    - Effective January 1, 2017, the threshold for the small business deduction will be increased from $350,000 to $500,000.

Consumption Tax Measures

    - Exemption from motive fuel tax for equipment used in the mining and quarrying sector, effective April 1, 2017

The Key Tax Measures start on page 35 of the Nova Scotia Budget 2017-2018 document (38th page of the pdf).

Revised: April 27, 2017

 

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