What employers need to know about the provincial budget
Nova Scotia has tabled a budget with a deficit of $592.1 million for 2009-2010. The $9.1 billion budget includes major increases in spending for assistance to universities ($225.3 million); health ($216.3 million) and labour and workforce development ($98.4 million) among others.
Some highlights for employers from the budget:
Investment credit for manufacturing/processing firms: A 10 per cent investment credit will be provided to businesses in the manufacturing and processing sector. At an annual cost of $25 million, the program will begin in January 2010 and will help manufacturers boost productivitiy and create secure jobs, the government said.
Encouraging grads to stay in Nova Scotia: Workers graduating with a degree who choose to stay and work in Nova Scotia will be able to deduct up to $2,500 per year over a six-year period — providing potential tax savings of $15,000. Students with a diploma or certificate will be able to deduct $1,250 per year over a six year period, potentially saving $7,500 in taxes.
More information about the budget is available at www.gov.ns.ca/finance.
Some highlights for employers from the budget:
Investment credit for manufacturing/processing firms: A 10 per cent investment credit will be provided to businesses in the manufacturing and processing sector. At an annual cost of $25 million, the program will begin in January 2010 and will help manufacturers boost productivitiy and create secure jobs, the government said.
Encouraging grads to stay in Nova Scotia: Workers graduating with a degree who choose to stay and work in Nova Scotia will be able to deduct up to $2,500 per year over a six-year period — providing potential tax savings of $15,000. Students with a diploma or certificate will be able to deduct $1,250 per year over a six year period, potentially saving $7,500 in taxes.
More information about the budget is available at www.gov.ns.ca/finance.
