28 Mar Our Plan is Working: Restoring Nova Scotia’s Financial Health
Restoring Nova Scotia’s Financial Health
As soon as your Liberal government took office, we created a fiscal plan to recover from the large deficit we inherited and restore the province’s financial health.
Our plan focused on making strategic investments in opportunities for growth. This let us grow the economy, grow our revenues, and control our spending to eliminate our deficit.
Your Liberal government has balanced the budget and restored Nova Scotia’s financial health without hiking taxes, while increasing education investment, while rolling out new public transit investments, and while increasing funding to our universities.
Balanced Budget, Small Business Tax Cut, Red Tape Relief
As Liberals, we understand the importance of investing in small business. In continuing our concerted efforts to help more Nova Scotians to make a living here at home, we will be providing tax relief for small businesses.
The small business income threshold will rise to $500,000 from $350,000. That means more small businesses paying the lower small business corporate tax rate of three per cent.
For the first time ever, we are also setting a red tape reduction target and making a commitment to cut $25 million in red tape in the next fiscal year.
Less tax and less red tape means small businesses will create more jobs for Nova Scotians.
Your Liberal government is also proud to announce our next budget will be balanced. A balanced budget is a foundation that sets our province on the right course. It’s also the first time in almost 10 years that back-to-back balanced budgets will be tabled in the legislature.
We got to this point by sticking to our plan, and by finding new ways to address long-standing problems.
Investing in Opportunities for Growth
For our first three budgets, your Liberal government focused on making smart, strategic investments so we could capitalize on opportunities for growth. We put your tax dollars to work strategically so we could produce meaningful results.
Our exports are up, our population is at an all-time high, and unemployment is at an eight-year low.
With our next budget in the black, it will focus on taking some of our surplus and putting it to work for you to accelerate economic growth, partner with you to create more jobs, and improve the public services you and your family rely on.
We will continue working with you to build a stronger Nova Scotia.