The province is cutting its portion of the Harmonized Sales Tax one per cent, starting Tuesday. That lowers the overall tax rate to 14 per cent.
The province has also announced it will increase the basic personal amount that Nova Scotians can claim before paying taxes from $8,744 to $11,744 and implemented tax brackets and several non-refundable tax credits to help reduce the impact of inflation.
The small business tax rate will also fall to 1.5 per cent from 2.5 per cent, and the small business income threshold rises from $500,000 to $700,000.
Also the minimum wage in the province rises to $15.70 an hour. A second increase will bring the rate to $16.50 on October 1st.
