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March 27, 2019
Canada: Nova Scotia issues budget 2019/20
On 26 March 2019, Nova Scotia Minister of Finance and Treasury Board Karen Casey tabled the province’s fiscal 2019/20 budget. The budget contains several tax measures affecting individuals and corporations. The budget contains no new taxes and no tax increases.
The Minister anticipates a surplus of CA$33.6 million1 for 2019/20 and projects surpluses for each of the next four years.
The following is a brief summary of the key tax measures.
Business tax measures
Corporate tax rates
Table A – 2019 Nova Scotia corporate tax rates
* The small-business rate is based on a 31 December year-end.
** The federal small-business rate was reduced from 10.0% to 9.0% effective 1 January 2019.
Other business tax measures
The Minister also proposed the following business tax measures:
Personal income tax rates
The budget does not include any changes to personal income tax rates.
The 2019 Nova Scotia personal tax rates are summarized in Table B.
Table B – 2019 Nova Scotia personal tax rates
For taxable income in excess of $147,667, the 2019 combined federal-Nova Scotia personal income tax rates are outlined in Table C.
Table C – Combined 2019 federal and Nova Scotia personal tax rates
* The rate on capital gains is one-half the ordinary income tax rate.
Personal tax credits
This budget proposes changes to the following personal credits/amounts:
1. Currency references in this Alert are to CA$.
For additional information with respect to this Alert, please contact the following:
Ernst & Young LLP (Canada), Halifax