CP NewsAlert: Health-care spending, income tax indexing highlight Nova Scotia budget

HALIFAX — Nova Scotia has tabled a $16.5−billion budget that spends heavily on health care and contains a tax break touted as one of the largest in the province’s history.

With projected revenues of $15.8−billion, Finance Minister Allan MacMaster is forecasting a deficit of $467.4−million after an accounting adjustment.

The government’s big−ticket cost−of−living measure will see it index personal income tax brackets, the basic personal amount and non−refundable tax credits to inflation beginning Jan. 1, at a projected cost of $160−million a year by 2028.

When tax brackets are raised to reflect inflation, that can result in a taxpayer remaining in a lower bracket and paying less.

The province is spending $7.3 billion across its health system and notes that health spending has increased by 36 per cent in the past three years.

More coming.

The Canadian Press

Photo: