11 Oct Liberals Table Bill to Cut Taxes
Your Liberal government is helping Nova Scotians who need it most by introducing the Financial Measures (2017) Act, which will provide one of the largest income tax cuts in our province’s history. It will strengthen our middle class and ensure that families, small businesses and young Nova Scotians can grow and thrive. The act also continues the freeze on MLA salaries.
“Government has tabled back-to-back balanced budgets, in part, by keeping a close eye on expenses. Freezing MLA salaries demonstrates our commitment to working with Nova Scotians to restore our province’s financial health,” said Karen Casey, Minister of Finance and Treasury Board.
The act increases the Basic Personal Allowance for those who have a taxable income under $75,000. The Basic Personal Allowance will increase by up to $3,000, from the current $8,481 to $11,481. This means more money in your pocket as you can earn more income, before paying provincial income taxes.
- If your taxable income is under $25,000, you will receive the full $3,000 increase, boosting your Basic Personal Allowance from the current $8,481 to $11,481.
- If your taxable income is between $25,000 and $75,000 will receive an increase in the Basic Personal Allowance on a sliding scale.
- If your taxable income is over $75,000 the Basic Personal Allowance will remain at the current $8,481.
As a result, 500,000 Nova Scotians will see a reduction in their income taxes, and an additional 66,000 Nova Scotians will no longer pay income tax at all.
The act also provides tax relief to small business by increasing the small business tax threshold to $500,000 from $350,000. The full benefit will be $19,500 in reduced taxes to eligible small businesses.
This is just one step on the path to fiscal health in Nova Scotia. Recent reports from Standard and Poor’s and the Parliamentary Budget Officer praised the efforts of Nova Scotia’s finances, stating they are sustainable and strong over the long-term.
“We kept a close eye on spending, controlled costs, and made strategic investments to get to this point,” said Casey. “Now Nova Scotians are reaping the rewards with tax cuts, historic investments in pre-primary, and more money to improve access to health care.”
Nova Scotians will benefit from your Liberal government’s ongoing efforts, as we are in a better financial position to reduce their taxes and invest in their priorities, like health care, education, our youth and the economy.