Atlantic Provinces -> Nova Scotia -> Nova Scotia Budgets -> 2012 Budget
Nova Scotia 2012 Budget - April 3, 2012
All Budget 2012 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, 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.