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 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:

Next steps

Contact your Baker Tilly advisor to learn more about how we can help you navigate the complexities of the Canadian tax system.