Nova Scotia Budget 2025-26 Includes Tax Rate Reduction for Small Businesses

The Government of the Canadian province of Nova Scotia has issued a release on the Budget 2025-26. One of the key tax measures of the budget is a reduction in the small business tax rate from 2.5% to 1.5% with effect from 1 April 2025, along with an increase in the small business tax rate income threshold from CAD 500,000 to CAD 700,000. The budget also includes the previously announced reduction in the harmonized sales tax (HST) rate by 1%. The HST is comprised of the 5% federal GST and a …