2017 Nova Scotia provincial budget update commentary
Finance Minister Karen Casey tabled an updated post-election 2017 Nova Scotia provincial budget on September 26, 2017. This budget was necessary after an earlier spring budget, tabled on April 27, 2017, failed to move forward due to a provincial election on May 30, 2017. However, because the pre-election government was re-elected with a majority, many of the proposals announced in the spring budget were reintroduced in this update. The update also includes an additional $19 million in investments, specifically in health care education and economic development.
After an initial forecast of a $127.4 million surplus, it is confirmed that there was a surplus of $149.6 million for the 2016- 2017 fiscal year. The budget projects an initial surplus of $131.6 million for the 2017-2018 fiscal year, and a balanced budget over the four-year fiscal plan for 2017-2021.
There were no changes to personal or corporate income tax rates, but there were increases to certain personal amounts and the small business limit.
Please note that these changes are still proposals until passed into law by the provincial government. Let our experienced advisors assist you with understanding these potential changes and the impact they may have on you and your family’s financial strategy. To access the complete summary, please speak to your Assante advisor today.