On March 23, 2023, Finance and Treasury Board Minister Allan MacMaster presented the 2023–2024 Nova Scotia budget. Projecting a deficit of approximately $279 million, this year’s budget focuses primarily on improving the province’s healthcare system, while facilitating sustainable economic growth and providing support for communities, education, and the environment.
The budget announcement did not include any major tax changes. However, one personal income tax measure was introduced, as summarized below.
Personal Income Tax Measure
Tax Refund for Certain Skilled Workers
The province has introduced a More Opportunity for Skilled Trades (MOST) Tax Refund to attract and retain younger workers in industries currently experiencing labour shortages. This refund for provincial income tax paid on the first $50,000 of earned income will be available to individuals under 30 years old who are employed and registered in designated skilled trades in the construction, manufacturing, or film industry.
The new refund program will be in effect for the 2022 and subsequent taxation years, and the province intends to expand eligibility for the 2023 taxation year to include registered nurses, licensed practical nurses, and nurse practitioners who work for publicly funded employers. Further details on the refund application process are expected to be released in the coming weeks.
More Information
For information on new and extended government funding initiatives included in this year’s provincial budget, please navigate to:
https://www.mentorworks.ca/blog/government-funding/nova-scotia-2023-budget/
Further details on Nova Scotia’s 2023–2024 budget may be found on the province's website at:
https://novascotia.ca/budget/
To read key updates from Canada’s 2023 provincial budgets, please navigate to Key Changes | 2023 Canadian Federal and Provincial Budgets.
If you have any questions about how tax changes proposed in recent Canadian budgets might impact your organization, please do not hesitate to contact the Ryan TaxDirect® line at 1.800.667.1600 or taxdirect@ryan.com.
- Topics
- Income Tax
- Nova Scotia