Nova Scotia budget


October 15th, 2009

Well, it’s better late than never. I finally got myself to read up on the Nova Scotia budget that was released in September. I’m not going to post all the details. If you want to read about them, you can head over to the Finance website.

One of the more interesting items was the introduction of the Graduate Retention Rebate. Students who graduate from university in 2009 and following years will be able to claim a $15,000 rebate, payable over 6 years in $2,500 amounts. Students will, of course, need to remain living in Nova Scotia in order to claim the rebate.

College and certificate graduates will qualify to claim a $7,500 rebate, payable over six years in $1,250 instalments.

The rebate will be applied for on your personal tax return.

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Based on the Speech from the Throne yesterday, there are a few interesting things to watch for in the upcoming provincial budget on September 24.

The speech states that: “We will establish a graduate tax incentive, providing up to $15,000 to keep university and community college graduates here at home.  Education must be accessible. Our future prosperity depends on it.”  Currently the province gives graduates who stay in Nova Scotia a $2,000 tax rebate.   $15,000 sounds even better. Watch for details in the Thursday budget.

Also, this morning Premier Dexter announced a new 10 per cent credit to businesses in the manufacturing and processing sector that are investing in machinery and equipment.  No real details yet, but the program only begins in January so stay tuned.

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Residents of Nova Scotia will get their first provincial budget from the NDP government on Thursday, September 24.  This should be interesting.  You can visit www.gov.ns.ca/finance for budget details at 2:00 pm on Thursday.

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More information is becoming available on the Nova Scotia New Home Construction Rebate.  One big change that was made since it was originally announced, is that new homes started since January 1, 2009 will qualify.  Originally the government had said that only homes started since May 1 would qualify.

Application forms are available now at: http://www.gov.ns.ca/snsmr/access/individuals/new-home-construction-rebate/default.asp

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