9 March 2020
The government of Nova Scotia, Canada published the 2020-2021 Budget on 25 February 2020. For businesses, the main tax measure of the Budget is a reduction in the standard corporate tax rate by 2% from 16% to 14%, which is meant to help Nova Scotia businesses become more competitive, innovate, reinvest in their businesses, and grow. In addition to the standard rate reduction, the Budget also includes a reduction in the small business tax rate by 0.5% from 3% to 2.5%. The small business rate applies on the first CAD 500,000 of active business income of qualifying businesses. Both rates are applied in addition to the federal rates of 15% (standard rate) and 9% (small business rate).
The rate changes will be effective 1 April 2020.
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