Tax rate changes and increased thresholds for small businesses
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:
Read a February 2025 report prepared by the KPMG member firm in Canada
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