Government Approves Writeoffs for 2019-20
The province is writing off $65.5 million in debts considered uncollectable as of March 31st.
Writeoffs are a normal cost of doing business for any organization, public or private. They are for the 2019-20 year and none are related to the COVID-19 pandemic.
"It is important to note that these transactions originated in previous fiscal years and do not have an impact on the province’s 2019-20 deficit or surplus position," said Karen Casey, Minister of Finance and Treasury Board.
Total writeoffs for 2019-20 are $65.5 million, mainly due to a single event, the receivership of DSME Trenton Ltd.
- although a debt is written off, efforts to collect the funds continue
- this accounting process is in line with Nova Scotia’s Finance Act
- for a summary of write-offs by department visit https://beta.novascotia.ca/documents/summary-departmental-write-offs-2019-2020