Nova Scotia Income Tax Brackets Changes
Nova Scotia government does not index tax brackets to inflation, and the last time that tax brackets were adjusted was in the year 2000. Thus, for 2024, the tax rates and brackets will remain the same as the last few years. The basic personal amounts will also remain the same as last year.
Nova Scotia Personal Amounts 2024
| Annual Income | Basic Personal Amount |
|---|---|
| Less than $25,000 | $11,481 |
| $25,000 to $75,000 | $11,481 - ((Annual Income - $25,000) x 6%) |
| More than $75,000 | $8,481 |
Nova Scotia Age Amount
If you are over the age of 65, you may claim a tax credit of $4,141 if your income is less than $30,828. You may claim a partial benefit if your income is more than $30,828 but less than $58,435.
Nova Scotia Age Amount 2024
| Income | Tax Credit |
|---|---|
| Less than $30,828 | $4,141 |
| More than $30,828 | $4,141 - 15% of income over $30,828 |
Nova Scotia Age Supplement
If you are over the age of 65, you may claim a tax credit of $1,465 if your income is less than $25,000. You can also claim the age supplement tax credit at a partial rate if your income is between $25,000 and $75,000.
Nova Scotia Age Supplement 2024
| Income | Tax Credit |
|---|---|
| Less than $25,000 | $1,465 |
| Between $25,000 and $75,000 | 2.93% x ( $75,000 - Income) |
Nova Scotia Volunteer Firefighters and Ground Search and Rescue Tax Credit
You may claim this tax credit if you were a volunteer firefighter or search and rescue volunteer for at least six months. This tax credit provides a refundable tax credit of $500.
Nova Scotia Low Income Tax Reduction
The Nova Scotia low-income tax reduction is a non-refundable tax credit that can reduce the tax payable by an individual or family. The credit can reduce an individual’s or a family’s taxes by $300 for the tax filer, plus $300 for a spouse or an eligible dependent, up to a maximum of $600. Additionally, you can claim $165 for every dependent child.
Nova Scotia Refundable Tax Credits
For July 2023 to June 2024, the Nova Scotia Affordable Living Tax Credit (NSALTC) program provides up to $255 a year, plus $60 for each child, to households with an income less than $30,000. If your household income is over $30,000, the tax credit is reduced by 5% for your income over $30,000.
The Nova Scotia Child Benefit (NSCB) is paid monthly if your family income is less than $26,000 and is combined with the Canada Child Benefits (CCB) into the same monthly payment. You can receive a monthly benefit of $127.08 for every child (under 18 years of age) in your care. You may receive a partial NSCB benefit if your income is between $26,000 and $34,000.
Other Tax Credits in Nova Scotia
Apart from the credits and benefits listed above, there are some other tax credits available in Nova Scotia, such as:
- Caregiver Amount
- Tuition and Education Amounts
- Pension Income Amount
- Disability Amount
You may also be eligible for other tax credits besides those listed above. You can visit the Government of Nova Scotia’s website for more information.