May 5/17) Nova Scotia’s April 27 budget has a number of positive initiatives for you:
Low- and mid-income earners get tax relief, as the Basic Personal Exemption rises from $8,481 to $11,481 for those earning less than $25,000 annually. The increased exemption will decrease on a sliding scale up to $75,000 of income.
The Small Business Tax threshold will also jump from $350,000 to $500,000, to grow the number of establishments eligible for a lower corporate tax rate.
Licence and permit fees are frozen, which saves licensees from additional costs on a wide range of permits, including liquor and foodservice establishment licences.
The tax on Nova Scotia craft beer sold directly from brewers to licensees is cut from 50 cents per litre to 5% of wholesale cost.
This is the government’s second surplus budget, ahead of the upcoming provincial election.