On February 29, 2024, Deputy Premier and Finance Minister Allan MacMaster presented the 2024–2025 Nova Scotia budget. Titled “Building Nova Scotia, Faster,” this year’s budget projects a deficit of approximately $467 million—a sharp increase from last year’s $279 million—and reflects the government’s sustained focus on improving the province’s healthcare system and addressing affordability issues, while fostering clean economic growth and providing support for education and communities.
The budget announcement included only a few noteworthy tax measures, as summarized below.
Sales Tax Measures
Elimination of HST on New Residential Rental Properties
In this year’s budget, the government confirmed that it will continue to offer a rebate for the 10% provincial component of the harmonised sales tax (HST) on new construction of qualifying multi-unit rental housing. This previously announced measure follows the federal government’s increase of the New Residential Rental Property Rebate to 100% of the goods and services tax (GST) payable on eligible projects, as announced last September.
Rebate on Residential Energy
The province will also maintain its Your Energy Rebate Program, which provides for a rebate of the provincial component of the HST on energy purchased for residential use.
Corporate Tax Measure
The budget documents released by the government note that its refundable corporate income tax credit for eligible capital equipment and property to be used in the province was recently expanded to include the emerging aerospace and manufacturing sectors.
Personal Income Tax Measures
The budget announced that the province will index its personal income tax brackets, the basic personal amount, and certain other non-refundable tax credits to the inflation rate, effective January 1, 2025.
In addition, the government will continue with its More Opportunity for Skilled Trades (MOST) tax refund, introduced in last year’s budget to attract, and retain, younger workers in industries currently experiencing labour shortages, and will expand the program for the 2023 taxation year to include eligible nurses.
Property Tax Measure
The budget also noted that it will continue its Property Tax Rebate for Seniors program, which provides eligible seniors with a rebate for 50% of their property taxes, up to a maximum of $800.
More Information
For information on new and extended government funding initiatives included in the 2024 Nova Scotia budget, please navigate to our Mentor Works website here.
Further details on Nova Scotia’s 2024–2025 budget may be found on the province's website.
To read key updates from all of Canada’s 2024 provincial budgets, please visit our Key Changes | 2024 Canadian Federal and Provincial Budgets page.
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.