Nova Scotia Tax Rates

Nova Scotia Tax Rates 2014 2015
8.79% Tax applies to income under $29,590 $29,590
14.95% Tax applies to income between $29,590 & $59,180 $29,590 & $59,180
16.67% Tax applies to income between $59,180 & $93,000 $59,180 & $93,000
17.5% Tax applies to income between $93,000 & $150,000 $93,000 & $150,000
21% Tax applies to income above $150,000 $150,000

Nova Scotia Non-Refundable Tax Credits

Nova Scotia Non-Refundable Tax Credits 2014 2015
Basic Personal Amount $8,481 $8,481
Spousal / Equivalent-to-Spouse $8,481 $8,481
Age (65 or older by end of taxation year) $4,141 $4,141
Disability Credit $7,341 $7,341
Disability Supplement $3,449 $3,449
Caregiver Amount $4,898 $4,898
Infirm Dependant Credit $2,798 $2,798
Pension Amount $1,173 $1,173
Tuition Credit Actual Actual
Education (Full-time) $200/month $200/month
Education (Part-time) $60/month $60/month

LSVCC Tax Credit

This tax credit is designed to assist Nova Scotia small and medium-sized businesses and co-operatives in obtaining equity financing by offering a personal income tax credit to individuals investing in registered labor-sponsored venture-capital corporations, or LSVCC’s. The LSVCC tax credit has been incorporated as part of the Equity Tax Credit (ETC) Act. The LSVCC tax credit is available to residents of Nova Scotia who are over 19 year of age and who have bona fide reasons for making the investment, other than simply obtaining the tax credit. New eligibility criteria will also require that organizations qualifying for the credit must have a head office in the province, employ at least three full-time residents and pay at least 75% of its salaries and wages in Nova Scotia. In addition, a majority of its principal decision makes must reside in the province.

Equity Tax Credit

The Equity tax credit is announced to promote the investment in Nova Scotia businesses by investing in eligible shares. The credit is not a grant nor is it considered to be a tax shelter. The Equity Tax Credit has been extended three years to December 31, 2006 and the individual investment limit in shares of qualifying small and medium-sized corporations has been increased from $30,000 to $50,000. The tax credit rate remains at 30%.