March 31st, 2025
Starting Tuesday, April 1, Nova Scotians will pay less for goods and services as the Province cuts its portion of the harmonized sales tax (HST) by one per cent, lowering the overall tax rate to 14 per cent.
The Province has also increased the basic personal amount that Nova Scotians can claim before paying taxes from $8,744 to $11,744, and implemented indexing of tax brackets and several non-refundable tax credits to help reduce the impact of inflation.
“We know that Nova Scotians continue to struggle with affordability,” said Timothy Halman, Minister of Environment and Climate Change, on behalf of John Lohr, Minister of Finance and Treasury Board. “We’re delivering on our promise to lower taxes, increase wages and strengthen our economy. These measures will save Nova Scotian families over $1,000 this year and help our small businesses thrive.”
The government is helping small businesses gain a competitive edge by reducing the small business tax rate from 2.5 per cent to 1.5 per cent and increasing the small business income threshold from $500,000 to $700,000. These changes will mean about $47 million in savings for 19,000 Nova Scotian businesses.
Changes to the Pension Benefits Act and regulations will also go into effect April 1, making it easier for Nova Scotians aged 55 and older to access and manage their retirement savings. The new rules provide people with the ability to unlock up to 50 per cent of their locked-in funds when transferring to a life income fund (LIF).
Quick Facts:
- the minimum wage in Nova Scotia will increase to $15.70 per hour on April 1; a second increase will bring the rate to $16.50 on October 1
- the government ended tolls on the Halifax Harbour bridges on March 17
Additional Resources:
Budget 2025-26: Unlocking Our Potential: https://news.novascotia.ca/en/2025/02/18/budget-2025-26-unlocking-our-potential
News release – Nova Scotia to Raise Minimum Wage to $16.50 in 2025: https://news.novascotia.ca/en/2025/01/29/nova-scotia-raise-minimum-wage-1650-2025
New release – Province Removes Halifax Harbour Bridge Tolls: https://news.novascotia.ca/en/2025/03/17/province-removes-halifax-harbour-bridge-tolls
News release – Pension Changes Provide More Flexibility: https://news.novascotia.ca/en/2024/10/25/pension-changes-provide-more-flexibility
-Photo and news release via Province of Nova Scotia
