Financial Measures (2022) Act Introduced
Finance and Treasury Board Minister Allan MacMaster introduced the Financial Measures (2022) Act today, April 8, implementing amendments and key tax measures from Budget 2022-23: Solutions for Healthcare, Solutions for Nova Scotians.
“Budget 2022-23 makes investments in the areas Nova Scotians care about most, including new tax measures to address our housing crisis, strategically grow our population and economy, address labour shortages, and invest in our families and communities,” said Minister MacMaster. “We are taking action on the priorities of Nova Scotians and the Financial Measures Act follows through on our commitments.”
The proposed act will establish:
- a Children’s Sports and Arts Tax Credit, which will help parents or legal guardians offset the costs of their child’s registration and expenses in sports and arts programs
- the More Opportunities for Skilled Trades program, which will return personal provincial income tax paid on the first $50,000 of earnings for eligible people under the age of 30 in sectors where there are identified labour shortages
- a Non-resident Deed Transfer and Property Taxes Act, which will help make housing more available and attainable for Nova Scotia residents.
Additional amendments include:
- clarifying language in the Canada Free Trade Agreement Implementation Act about appointments to dispute resolution panels
- amending the Members’ Retirement Allowance Act to align language with the federal Income Tax Act.
- the Financial Measures (2022) Act provides the legislative authority to implement measures that have financial consequences and is a routine part of the budget process
- the Children’s Sports and Arts Refundable Tax Credit is estimated to cost $4.7 million in 2022-23
- the More Opportunities for Skilled Trades program has no financial impact for the 2022-23 fiscal year
- non-resident deed transfer and property taxes are estimated to generate $81 million in revenue in 2022-23
- Budget 2022-23 estimates a deficit of $506.2 million with revenues of $12.7 billion and consolidated expenses of $13.2 billion
More information about Budget 2022-23, including new tax measures, is available at: https://novascotia.ca/budget