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Canada: Tax proposals in 2025 budget (Nova Scotia)

Tax rate changes and increased thresholds for small businesses

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February 20, 2025

The Nova Scotia Finance Minister on February 18, 2025, delivered the province's 2025 budget.

Key tax proposals include a reduction in the small business income tax rate from 2.5% to 1.5% and an increase in the small business income threshold from $500,000 to $700,000, effective April 1, 2025. The budget also extends eligibility for the maximum amount of certain personal non-refundable tax credits.

Other tax measures would:

  • Increase the basic personal amount from $8,744* to $11,744, effective January 1, 2025
  • Decrease Nova Scotia's portion of the harmonized sales tax rate from 10% to 9%, effective April 1, 2025, reducing the overall HST rate to 14%
  • Increase the nonresident deed transfer tax rate from 5% to 10%, effective April 1, 2025

Read a February 2025 report prepared by the KPMG member firm in Canada

*$=Canadian dollar

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