NS planning some tax relief for businesses in budget
Liberals want to raise the income threshold to $500,000 from $350,000 to allow more businesses to pay the lower rate.
Small business tax rate
HALIFAX — Nova Scotia’s finance minister is promising his pre-election budget will give small businesses tax relief, and reduce regulation costs.
Randy Delorey told a Halifax Chamber of Commerce luncheon he’s raising the threshold that allows businesses to pay the lower small business tax rate.
The income threshold is rising to $500,000 from $350,000, meaning more companies will be paying a rate of 3% on their income.
Delorey also said during his pre-budget address that the Liberals will reduce regulations for businesses, saving them about $25 million in 2017-18.
The finance minister also confirmed the Liberals will bring in their second balanced budget for 2017-18.