On February 25, 2020, Nova Scotia’s Finance Minister, Karen Casey, tabled the 2020-21 provincial Budget.
Under the proposal, the general corporate income tax rate would be reduced by 2 percentage points, from 16% to 14%. The move is aimed at helping Nova Scotia businesses “become more competitive, innovate, reinvest in their businesses, and grow.”
In addition, the small business rate is proposed to be reduced by one-half percentage point, from 3.0% to 2.5%.
The changes would be effective April 1, 2020.
See Budget 2020-21