April 17, 2012
Montreal, National Indirect Tax
Bill 17 to enact Nova Scotia's 2012 budget received first reading in the provincial legislature on April 12, 2012. Bill 17 reduces the small business income tax rate to 3.5% (from 4%) effective January 1, 2013, and lowers the province's Harmonized Sales Tax (HST) rate beginning in 2014. Since the bill has received first reading, the income tax measures in the budget are considered substantively enacted for purposes of Canadian GAAP as of April 12, 2012 (Nova Scotia has a majority government).