On February 18, 2025, The Nova Scotia Government tabled its Budget 2025-2026, introducing several payroll and tax changes.
The changes are as follows:
Effective for the 2025 tax year, the maximum Basic Personal, Age, Spousal, and Eligible Dependent amounts will be provided to all eligible tax filers by removing the reduction provision for those with taxable income above $25,000. The Basic Personal Amount (BPA) will be $11,744 for all tax filers. The Spousal Amount will be $11,744, the Eligible Dependent amount will be $11,744, and the Age Amount will increase to $5,734.
Effective April 1, 2025, the provincial portion of the HST will decrease by 1%, lowering the overall HST rate from 15% to 14%. The Institute announced this change on October 28, 2024, when it was first introduced. This change will impact the calculation of some taxable benefits subject to HST.
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