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2023 Nova Scotia Budget Highlights

2023 Nova Scotia Budget Highlights

Synopsis
2 Minute Read

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.

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