Restaurants Canada applauds Nova Scotia’s Liberal government for unveiling its fourth consecutive balanced budget on March 26 without introducing any new or increased taxes or fees.
Also worth noting, Finance Minister Karen Casey said Budget 2019-20 is expected to bring the province’s net-debt-to-GDP ratio down to 33.8 per cent, continuing its reduction from a high of 38.2 per cent in 2014.
But the budget unfortunately did not provide businesses with any relief from their tremendously high provincial tax burden.
Government departmental expenses are also increasing at a rate of 4.2 per cent, mainly as a result of healthcare spending. These increases outpace economic growth, resulting in 2.2 per cent overall growth in total government spending. Spending on healthcare, the largest expenditure, has increased by 6.2 per cent to $4.6 billion.
Further information on the budget can be found at www.novascotia.ca/budget.