Home -> Atlantic Provinces -> Nova Scotia -> Nova Scotia Budgets

Starting January 1, 2025, Nova Scotia will begin indexing, using the Nova Scotia inflation rate, the personal income tax brackets and the following non-refundable tax credits:

	basic personal amount of $8,481
	spousal amount of $9,329
	eligible dependant amount of $9,329
	infirm dependant amount of $8,481 and threshold of $5,683
	age amount of $4,141, but not the threshold of $30,828

Innovation tax credit end date for both individuals and corporations extended from March 1, 2024 to March 2, 2029

Venture Capital tax credit end date extended from April 1, 2024 to March 31, 2029

Digital Medial and Digital Animation tax credits end dates extended 5 years to 2031.

Nova Scotia 2023 Budget - March 23, 2023

See Nova Scotia Budget Documents 2023 to 2024 for full details, and Key Tax Measures starting at page 37 of Budget 2023-2024 (page 41 of the pdf).

Tax Measures:

	No personal or corporate income tax changes other than MOST expansion
	More Opportunity for Skilled Trades (MOST) expanded for 2023 to include registered nurses, licensed practical nurses, and nurse practitioners who work for publicly funded employers.

Nova Scotia 2022 Budget - March 29, 2022

See Nova Scotia Budget Documents 2022 to 2023 for full details, and Key Tax Measures starting at page 38 of Budget 2022-2023 (page 41 of the pdf).

Legislation: Bill 149, Financial Measures Act 2022, Royal Assent April 22, 2022

Tax Measures:

New: Children's Sports and Arts Refundable Tax Credit

	$500 credit per eligible child, effective for 2022 and subsequent taxation years.
	for children age 19 or younger.

New: 40% Fertility and Surrogacy Rebate

	Maximum claim is a total of $20,000 in eligible costs, for a maximum annual refundable tax credit of $8,000.
	Effective for the 2022 and subsequent taxation years.
	Treatments must be provided by a Nova Scotia licensed medical practitioner.
	No lifetime maximum.
	Expenditures for which the surrogate claims medical expenses are not eligible for the rebate.

New: More Opportunity for Skilled Trades (MOST)

	Starting in 2022, will return personal income tax paid on the first $50,000 of earnings for under the age of 30, who are employed and registered in selected skilled trades and occupations in industries where there are labour shortages.
	To start, selected occupations in eligible sectors will include manufacturing, computer and IT, transportation, film, video, and service sectors.

New: Non-Resident Provincial Deed Transfer Tax

	Tax of 5% will be assessed from April 1, 2022, for property purchased by non-residents of Nova Scotia.
	Will not apply to a transaction where Agreement of Purchase and Sale is entered into prior to April 1, 2022.
	Non-resident purchasers who move to the province within 6 months of the closing date of the transaction will be exempt from the deed transfer tax.

New: Non-Resident Property Tax - Now scrapped - see May 5, 2022 news release

Criteria were going to be:

	The tax of $2 per $100 of assessed value of residential real property owned by a non-resident of Nova Scotia will be effective as of April 1, 2022.
	Will not apply to residential properties that leased for 12 months or longer to Nova Scotia residents.
	Will not apply to residential properties that contain more than 3 units.

Nova Scotia 2021 Budget - March 25, 2021

See Nova Scotia Budget Documents 2021 to 2022 for full details, and Key Tax Measures starting at page 38 of Budget 2021-2022 (page 40 of the pdf). No tax measures were announced other than:

Equity Tax Credit for investments in Community Economic Development Investment Funds (CEDIFs) extended for a 10-year period to February 28, 2032.

Projected deficits:

	$705.5 million for 2020-21 fiscal year
	$584.9 million for 2021-22 fiscal year

There are many more non-tax budget measures - see the main Nova Scotia Budget page for a summary.

See Bill 105 Financial Measures (2021) Act re the Equity Tax Credit legislation revisions.

Nova Scotia 2020 Budget - February 25, 2020

See Nova Scotia Budget Documents 2020-21 for full details, and Key Tax Measures starting at page 35 of Budget 2020-21 (pdf). No personal tax changes were announced.

	The corporate income tax rate is to be reduced from 16% to 14%, with the small business tax rate reduced from 3% to 2.5%. Both rate changes are effective April 1, 2020.
	A tax on vaping products will be introduced starting September 15, 2020.
	Tax on cigarettes, cigars and other forms of tobacco are increased effective February 26, 2020.
	The digital media and digital animation tax credits will be extended to December 31, 2025.

Nova Scotia is forecasting a surplus of $55 million for the 2020-21 fiscal year.

Bill 243 Financial Measures (2020) Act, which received Royal Assent on Mar 10, 2020, provides for the Budget measures above.

Nova Scotia 2019 Budget - March 26, 2019

See Nova Scotia Budget 2019-20 for full details.

	New Venture Capital Personal and Corporate Tax Credit will be introduced effective April 1, 2019, available for both individual and corporate investors, with a tax credit rate of 15%.
	The Equity Tax Credit will be phased out as of December 31, 2019. Applications will be accepted until that date.

For more information see:

	Key Tax Measures on page 34 of the Budget 2019-20 document (page 38 of the pdf) on the Nova Scotia website.
	Bill 136 Financial Measures (2019) Act

Nova Scotia 2018 Budget - March 20, 2018

See Nova Scotia Budget 2018-19 for full details. All budget measures are subject to legislative approval.

Personal Income Tax

	The $10,000 limit on medical expenses for other financially dependent relatives is being removed from the Income Tax Act. It has not actually been applied since 2011, when the Federal limit was removed. This is a separate tax credit from the medical expense tax credit for spouses and children.
	A new Innovation Equity Tax Credit will be introduced, beginning January 1, 2019. The existing Equity Tax Credit will be phased out over time.

Cannabis Tax: The federal government will impose a federal excise duty of $0.25 per gram of flowering material in a cannabis product and will collect a $0.75 per gram additional duty on behalf of the province.

For more information see Key Tax Measures on page 39 of the Budget 2018-19 document on the Nova Scotia website.

NS 2017 Budget - September 26, 2017

- subsequent to the government being re-elected in May

NS 2016 Budget - April 19, 2016

See the Nova Scotia Budget documents 2016 to 2017 for details. No tax changes were announced.

NS 2015 Budget - April 10, 2015

See Nova Scotia Budget Documents Archive for budget documents, and Bill No. 108 Financial Measures (2015) Act.

Tax Highlights, effective January 1, 2015 unless otherwise indicated:

	Dividend tax Credit for non-eligible dividends reduced from 5.87% to 3.5% of the taxable (grossed-up) dividend. The legislation actually changed the rate to 22.94% of the federal gross-up.
	Healthy Living Tax credit eliminated, because it is not helping low-income Nova Scotians as intended.
	Tobacco tax increase $0.02 per unit effective April 10 2015.
	Film Industry Tax Credit to be maintained, but changed from fully refundable to 25% refundable, effective July 1, 2015.
	New $6 million program fund to support film, animation, music/sound recording and publishing - will begin in 2016.

NS 2014 Budget - April 3, 2014

See the Nova Scotia Budget Documents Archive for budget documents.

Tax Highlights:

	Effective January 1, 2014, the Graduate Retention Rebate will be eliminated. Graduates are still able to receive the rebate for the 2013 tax year.
	The previously announced HST rate reduction will not happen - the rate will stay at 15%. Government will consider reducing the HST rate when sustainable fiscal balances are achieved.
	The tax reduction for low-income seniors receiving GIS and the non-refundable Age Amount tax credit will continue.
	On January 1, 2015 the efficiency fee will come off all power bills.
	Eligibility for the Child Tax Benefit will be expanded to 1,300 more children from low-income families.
	The previously announced new provincial $1,000 age tax credit (non-refundable) starting in 2014 will still be available, for seniors with taxable income under $24,000.
	The Affordable Living Tax Credit will be continued.

NS 2013 Budget - April 4, 2013

See the Nova Scotia Budget Documents Archive for budget documents.

Tax Highlights:

	Small business corporate tax rate reduced to 3% effective January 1, 2014, and the small business limit threshold will be reduced from $400,000 to $350,000
	As previously announced, HST rate will be reduced to 14% in 2014 and 13% in 2015 - Not being done
	New provincial $1,000 age amount tax credit (non-refundable) starting in 2014
	Increase of $200 in the maximum property tax rebate for low-income seniors, bringing the total rebate up to $800
	Increase in tobacco tax of 2 cents per cigarette or gram of fine-cut tobacco, effective April 5, 2013.

NS Budgets 2012 and Earlier

2012 Budget - April 3, 2012

2011 Budget - April 5, 2011

2010 Budget - April 6, 2010

2009 Budget - September 24, 2009. May 2009 budget was not passed before government was defeated in June.

2008 Budget - April 29, 2008

2007 Budget - March 23, 2007

Revised: October 17, 2024