Financial Measures (2021) Act Introduced

Finance and Treasury Board Minister Labi Kousoulis introduced the Financial Measures (2021) Act today, April 8, which will amend several pieces of legislation with financial implications.

“The changes we are proposing in this act will help bring consistency and clarity across our financial legislation and with the federal government,” said Mr. Kousoulis. “We are also transferring oversight for a number of activities to the Department of Environment and Climate Change.”

The proposed act will:

• amend the Equity Tax Credit Act to extend the credit to community economic development corporations for 10 years, and provide for a review during that time
• amend the Finance Act to clarify additional borrowing authority
• amend the Income Tax Act to harmonize the capital tax paid by financial institutions with the federal capital tax approach, provide consent to continue sharing tax information with the federal government for policy analysis purposes and provide a one-time, six-month extension to the Research and Development Tax Credit
• amend the Corporation Capital Tax Act so that after the harmonization under the Income Tax Act occurs, the capital tax paid by financial institutions under this act will no longer apply
• amend the Pension Benefits Act to allow continued information sharing with the federal government consistent with past practice

Responsibility for food safety under Part Two of the Health Protection Act will be transferred from the minister of agriculture to the minister of environment and climate change, and inspection administrators appointed by the department will be able to take action when food establishments operate without a permit or exemption.

Responsibility for the Safe Body Art Act, Snow Sport Helmet Act, and the Tanning Beds Act will also be transferred from the minister of health and wellness to the minister of environment and climate change. The Department of Environment and Climate Change will also be able to appoint multiple administrators to process and issue permits under the Safe Body Art Act.

Budget 2021-22 reflects the priorities of Nova Scotians, provides a path to balance in four years, and makes investments in key sectors such as long-term care, public health, mental health and the environment.

Quick Facts:

• the act provides the legislative authority to implement measures that have financial consequences and is a routine part of the budget process
• Budget 2021-22, A Fair and Prosperous Future: Path to Balance, estimates a deficit of $584.9 million with revenue of $11.8 billion and expenses, after consolidation adjustments, of $12.4 billion

Additional Resources:

For highlights from Budget 2021-22 visit: https://novascotia.ca/budget/

To view the budget documents, visit: https://beta.novascotia.ca/documents/budget-documents-2021-2022