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 than they otherwise would have.
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.
Other support measures include $84.6 million to address homelessness, $7.8 million for child poverty and $2.4 million to create 500 new rent supplements.
This report by The Canadian Press was first published Feb. 29, 2024.
The Canadian Press
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