September 17th, 2009
Effective January 1 2010, the Nova Scotia government announced that they are increasing the Equity Tax Credit from 30% up to 35%.
With the rate hike, the Equity Tax Credit now gives you back 35% of your investment in qualifying small businesses, located in Nova Scotia. ¬†The maximum rebate you can now receive per year is $6,125, on an investment of $17,500.
What kind of businesses qualify for the Equity Tax Credit? ¬†Well, they must be an active company, located in Nova Scotia, with sales and assets of less than $25 million. ¬†And they have to apply to the Nova Scotia government, in advance, each year before their share offering. ¬†The Equity Tax Credit is a very popular credit with co-operatives who are looking for investors.
If you are an individual looking for more information, go here: ¬†http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/equitytaxcredit/equitytaxeligibilityforinvestors.aspx
And if you are a business interested in applying for eligibility, go here: ¬†http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/equitytaxcredit/equitytaxeligibilityforbusinesses.aspxFiled under: Business tax, Personal Tax by David Boese No Comments »