2024 Nova Scotia budget tax highlights
On Feb. 29, the Nova Scotia government released its 2024 budget. The following are highlights of the key tax measures.
Personal tax measures
No personal income tax rate changes were announced in this year’s budget. The current personal combined income tax rates for 2024 are outlined below:
|
Personal (combined) federal and N.S. top marginal tax rates |
|
|
|
Rate |
|
Interest/regular income |
54.0% |
|
Capital gains |
27.0% |
|
Eligible dividends |
41.58% |
|
Non‑eligible dividends |
48.28% |
Personal income tax indexation
As of Jan. 1, 2025, the provincial government proposes to index the taxable income brackets annually. In addition, certain non‑refundable tax credits will be indexed:
- basic personal amount,
- spouse or common-law partner amount,
- amount for an eligible dependant,
- age amount, and
- the amount for infirm dependants age 18 or older
More Opportunity for Skilled Trades and Occupations (MOST) tax refund
Effective for the 2023 taxation year, the MOST tax refund program was expanded to include nurses (excluding travel nurses) under the age of 30 who are working in an eligible nursing position and hold a valid conditional or practicing nursing licence.
Purpose-built rental housing rebate
For purpose-built rental housing projects, the Nova Scotia government proposes to rebate the 10 per cent provincial portion of the HST. Eligible projects must have commenced construction on or after Sept. 14, 2023, and on or before Dec. 31, 2030, with construction completion by Dec. 31, 2035.
Corporate tax measures
No corporate income tax rate changes were announced in this year’s budget. The current corporate income tax rates for 2024 are outlined below:
|
|
Small business corporation |
General corporation |
||
|
|
Rate |
Threshold |
Non‑M&P |
M&P |
|
Nova Scotia |
2.5% |
$500,000 |
14.0% |
14.0% |
|
Combined federal and N.S. |
11.5% |
$500,000 |
29.0% |
29.0% |
Next steps
Contact your Baker Tilly advisor to learn more about how we can help you navigate the complexities of the Canadian tax system.
Meet the Author
Sean Grant-Young
Information is current to March 4, 2024. The information contained in this release is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.