Government of Nova Scotia
Economic Development
Business Climate Index

2003

Personal Income Tax/Corporate Tax

Personal Income Tax - Rank 4 ( 9th in 2001)
Personal Income Tax measures direct taxes from persons per personal income. Rankings are based on the amount of provincial income tax paid by a two-child family in three income scenarios: earning $30,000, earning $55,000 and earning $100,000 (Statistics Canada, 2000, Alberta Finance, 2000)

Corporate Tax Per GDP - Rank 5
Corporate Tax Per GDP measures direct taxes from corporations per Gross Domestic Product (GDP) at market prices (Provincial Economic Accounts,2000, Statistics Canada - Catalogue No. 13-213-XDB)

Issue:

A competitive tax regime attracts workers and business to NS and vice versa.

Action to be taken:
  • Together with the Department of Finance encourage the implementation of reduction in personal taxes to increase the competitiveness of Nova Scotia.

  • In response to the federal government's small business tax rate changes in the February 2003 budget, harmonize Nova Scotia's small business tax regime with the federal changes.
Outcome:

A competitive personal and corporate tax regime.

Action taken by:


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    Updates:

    • November 2004