More than 500,000 low- and middle-income Nova Scotians are receiving tax relief because of tax changes that came into effect Jan. 1.
Those changes mean about 63,000 more Nova Scotians will not pay any provincial income tax in 2018. The savings amount to as much as $264 per year.
“This is more money staying in the pockets of low- and middle-income Nova Scotians,” said Premier Stephen McNeil. “Nova Scotians who need it the most are getting more support because of our province’s strong finances.”
The relief comes through an increase in the tax-free basic personal amount. Low-income earners see the most benefit, with the amount increasing 35 per cent to $11,481 from $8,481 for 2018. The increase declines as income rises, until it is phased out for people with a taxable income of at least $75,000.
“Getting our province’s finances in order means we can provide tax relief while also investing in more services and programs,” said Finance and Treasury Board Minister Karen Casey. “This is one of the largest tax breaks in our province’s recent history.”
Nova Scotians will save $85 million annually because of this measure.
Source: Release
