25 Jan Supporting Small Businesses
As Liberals, we want to keep Nova Scotia’s business climate flourishing. Small businesses are the backbone of our economy, and our Government is committed to initiatives that will offer them growth and support. We’ve cut regulatory barriers for small businesses by $34 million annually – surpassing our 2017 election pledge by nearly $10 million – and in a partnering project with HRM, were recently awarded the CFIB’s Gold Scissors Award for our red tape reduction efforts.
Our Liberal Government also recently increased the small business tax threshold from $350,000 to $500,000, a tax cut of nearly $14-million. This eases the tax burden on small businesses, allowing them to earn $150,000 more each year at a lower tax rate. Expanding this threshold was a priority for us during the last election, and our Government has acted on it. We know how important it is to improve Nova Scotia’s tax competitiveness.
And we also know that our province’s strength will come from an environment of growth and innovation for our small businesses. That’s why Nova Scotia offers further tax relief with a new small business tax deduction. Starting a new business can be challenging, and this deduction will eliminate Nova Scotia corporate income tax for a small business’s first three years of taxation. We want to continue to make it easier for entrepreneurs to succeed right here at home, while growing their businesses into a formidable part of our provincial economy.