I’ve written about this tax credit before, but it’s definitely worth talking about again.  The Nova Scotia Graduate Retention Rebate is worth from $7,500 to $15,000 in actual tax savings, over a 6 year span.

If you are a recent college or university graduate, and you are living in Nova Scotia, be sure to check this one out.

http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/grr.aspx

Filed under: Personal Tax by David Boese No Comments »

If you are a Nova Scotia graduate in 2009, you have reason to celebrate.  Beginning with 2009 the Nova Scotia government is allowing graduates to claim a tax rebate on their taxes.

Graduates are required to graduate from a recognized post-secondary institution, and they must have been taking a program offered on a full-time basis.  You are allowed to take the program part time.

University graduates can claim a maximum of $2,500 against their Nova Scotia taxes in the year of graduation, and the following 5 years.  That’s a total of $15,000!  College grads can clailm $1,250 against their Nova Scotia taxes in the year of graduation, and the following 5 years, for a total of $7,500.

Obviously, since the intent is to keep grads working in Nova Scotia, you must file a Nova Scotia tax return each year.  This rebate is non-refundable, which simply means that if you haven’t earned enough income to pay provincial taxes, you can’t claim back the difference.

This rebate replaces the old Graduate Tax Credit, worth a mere $2,000.  However, if you had graduated from a different program in an earlier year, but then return to school and graduate again in 2009 or later years, you can also claim this new rebate.

You can read more about this exciting tax rebate by clicking here.

Filed under: Consumer Tax by David Boese 1 Comment »

Are you graduating from college or university?  If you live in Nova Scotia by the end of the year, you could qualify for the $2,000 graduate tax credit.  This tax credit gives you a $2,000 reduction in your provincial taxes.  If your income is low, and you don’t need that much to get all your taxes back, you can even carry it forward to use next year.

NOTE:  This Nova Scotia Graduate Tax Credit has been replaced for 2009 and future years with a new, more lucrative tax rebate.  Read about it here http://www.prioritytax.ca/blog/consumer-tax/nova-scotia-graduate-retention-rebate/

Filed under: Consumer Tax by David Boese No Comments »