On March 26, 2019, Finance Minister Karen Casey tabled Nova Scotia’s2019-20 budget.
Budget 2019 is the fourth consecutive balanced budget presented by Nova Scotia’s Liberal government, with an estimated surplus of $33.6 million. Budget 2019 includes no significant tax changes.
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:
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: