Small businesses will see lower tax bill in 2013

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Small businesses in Nova Scotia will ring in the new year with a reduced tax rate.

The province's corporate income tax rate for small business will drop to 3.5 per cent, effective Jan. 1. This was announced in the 2012-13 budget.

"From one end of the province to the other, small businesses are the heart of our communities and our economy," said Finance Minister Maureen MacDonald. "We have cut the small business tax rate three years in a row because we know it's important to help these businesses be competitive, continue to grow and create good jobs."

Over the last three years, the province's small business tax rate has been lowered from 5 per cent to 3.5 per cent. The impact of these three rate decreases will mean a total savings of $30 million for Nova Scotia small business by 2013-14, up to $6,000 per eligible corporation per year.

Nova Scotia's small business corporate income tax rate applies to taxable income earned by eligible corporations, up to $400,000. Over 13,000 incorporated businesses are eligible for the small business tax rate.

Geographic location: Nova Scotia

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Recent comments

  • Johnny smoke
    January 01, 2013 - 08:37

    Oh now I see how this works. Small business are being cut a tax break, meanwhile seniors and those on fixed incomes are being awarded tax increases, on their residential, gas, and numerous other fees and charges. I noticed that the cost of an ambulance went from $120.00 to $132.50 in my books that is a 10% hike in a service mostly used by seniors. I wonder if the minister is refusing her yet to be announced increase in pay and allowances, probably not. Hardship is something to be borne by others not our vaulted leaders who believe in leading by excuses rather than example. Oh by the way if I am really fortunate my pensions might increase by 2%, seeing that Nova Scotia Power has already claimed that I guess my take for 2013 will be 0% thanks a lot, maybe I should start a small business, how about begging would that qualify for the tax decrease?