The estimates provided in Budget 2019 show that the province’s surplus for the 2019-20 fiscal year is $5.5 million less than the surplus projected for the same fiscal year in the previous budget.

The government is projecting surpluses over the next four fiscal years as follows:

Tax measures

Corporate tax rates

There are no changes proposed to the corporate tax rates or the $500,000 small business limit.

Nova Scotia’s corporate tax rates for 2019 are summarized as follows:

Combined federal and Nova Scotia corporate tax rates

Personal income tax rates

Budget 2019 includes no changes to the personal tax brackets and rates. The rates for 2019 are as follows:

• 8.79% on the first tax bracket (up to $29,590)
• 14.95% on the second tax bracket (from $29,591 to $59,180)
• 16.67% on the third tax bracket (from $59,181 to $93,000)
• 17.50% on the fourth tax bracket (from $93,001 to $150,000)
• 21.00% on the fifth tax bracket (over $150,000)

The top combined federal Nova Scotia marginal tax rates for 2019 are as follows:

Access the full 2019 Nova Scotia budget summary to learn more [ 416 kb ]