2023 Nova Scotia Budget Highlights
2023 Nova Scotia Budget Highlights
Nova Scotia Minister of Finance and Treasury Board Allan MacMaster tabled the province’s 2023 Budget on Thursday, March 23, 2023.
Nova Scotia Minister of Finance and Treasury Board Allan MacMaster tabled the province’s 2023 Budget on Thursday, March 23, 2023. This year’s budget, titled More Healthcare, Faster, is focused on action for health care to support healthy communities and a healthy economy.
Corporate tax measures
No new corporate income tax rate changes or other corporate tax measures were announced in this year’s budget.
The current corporate income tax rates for 2023 are summarized below:
| Small Business Corporations |
General Corporations | |||
|---|---|---|---|---|
| Rate* | Threshold | Non-M&P | M&P* |
|
| Federal | 9.0% | $500,000 | 15.0% | 15.0% |
| Nova Scotia |
2.5% |
$500,000 |
14.0% |
14.0% |
| Combined | 11.5% | 29.0% |
29.0% |
|
M&P – Manufacturing & Processing
* Rates applicable to income not eligible for the temporary rate reduction for manufacturers of qualifying zero-emission technology.
Personal tax measures
Personal income tax rates
No new personal income tax rate changes were announced in this year’s budget. The top marginal personal income tax rate for Nova Scotia is 21 percent for 2023. The current top combined federal and Nova Scotia marginal rates for 2023 are summarized below:
Salary, business income, interest
Capital gains
Eligible dividends
Non-eligible dividends
54.00%
27.00%
41.58%
48.28%
More Opportunity for Skilled Trades (MOST) program
MOST was introduced in 2022 and provides a refund of provincial personal income tax on the first $50,000 of earned income for individuals under the age of 30 who are employed and registered in selected skilled trades. Effective 2023, MOST is expanded to include registered nurses, licensed practical nurses and nurse practitioners who work for publicly funded employers.
More details and highlights of the 2023 Nova Scotia Budget can be found here.
Insights
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Performance
December 05, 2023
Highlights from the Federal Fall Economic Statement
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance delivered the federal government’s 2023 Fall Economic Statement (FES) on November 21, 2023.
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December 04, 2023
Considerations for reporting Asset Requirement Obligations by First Nations communities
An asset retirement obligation (ARO) is the expected costs associated with the retirement of a tangible capital asset.
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Progress
November 29, 2023
Case Study: Estate Planning for the Future of Disabled Family Members
This case study illustrates how to provide for loved ones with disabilities when estate planning. Samuel and Sarita are caring for their disabled son as well as for Samuel’s mother and want to plan for the future in a tax-efficient manner.
