NISD’s new program, the Nova Tax Rebates, is the first time in Nova Scotia to offer tax-free income rebates to people in Nova Scotians.
The program was introduced last year, and was designed to encourage Nova Scotian businesses to bring in extra income.
Nova Scotia is currently one of the lowest income tax jurisdictions in Canada.
However, the provincial government announced last month that the provincial personal income tax rebate program would increase to $250 a year in 2019, up from the current $50 a year.NISD is also one of only a handful of Nova Scotia schools that receive a rebate under the province’s tax rebates program.
This means students can take home $500 to $1,500 more per year, depending on their financial need.
The new Nova Scotia program is a way for Nova Scotias taxpayers to get a break on taxes, said NISDs Minister of Finance Peter Dunne.
“We’ve said from the beginning, if you can do it, you can.”
The Nova Scotia Tax Rebaters program will be available to all Nova Scotia businesses with at least one employee, regardless of whether the employee is an employee or non-employee.
The rebate is designed to allow people to get some extra money to invest in their business.
“It’s about being able to have more income,” said Dunne, noting that it will not affect people with income from other sources.
“In the last three years, the number of Nova Scotians who were in the workforce fell by about 3,000 people.
That’s one of our biggest challenges.”
Dunne said the Nova Rebates program was designed specifically for Nova Scotia’s economy.
It was designed with Nova Scotia in mind, but also with other provinces and territories.
Dunne noted that the rebate will also be available in Nova Carriers’ offices, and in some businesses that have no employees.
Dunne said he’s not aware of any Nova Scotia businesses that are already offering the Nova-based rebate, but is looking into it.
“We’re still looking at it and we’ll be talking with them as soon as we can,” he said.
Dunney said the government is also looking into increasing the maximum rebate amount to $5,000 per year.
The Nova Rebases program was launched in March 2018, and it is available to businesses with more than 10 employees.
It is available for Nova Carrier customers and for Nova Shores business owners who are not in the tax rebate program.