Nova Scotia Budget 2024-2025: Accelerating Growth & Addressing Key Sectors

On 29 February 2024, the Finance and Treasury Minister of Nova Scotia presented the budget for 2024-2025. The Nova Scotia government estimates $15.8 billion in revenue, $16.5 billion in expenses, and a deficit of around $4,674 million. 

Nova Scotia Budget 2024-2025

The 2024-2025 Budget of Nova Scotia presented on Thursday focused on accelerating the growth of  Nova Scotia. The budget has mentioned initiating a universal lunch program for children in public schools, better healthcare resources and facilities, and a skilled workforce for the betterment of the economy.

 Additionally, the budget acknowledges the cost of living challenges faced by Nova Scotians and proposes the indexed tax brackets and other supports highlighted in the budget.

The province will index the personal income tax from the beginning of Jan 2025 and provide non-refundable tax credits in response to Nova Scotia’s inflation rate.

According to the government of Nova Scotia, this is going to be the largest tax break in the history of Nova Scotia.

According to the budget report, the budget estimates a revenue of $15.8 billion and a deficit of $467.4 million with $16.5 billion for expenses.

Highlights of the Nova Scotia Budget 2024-2025 

The Budget for 2024-2025 presented by Allan MacMaster has the following highlights that are hard to miss:

Nova Scotia Budget 2024-2025

  • The government has allocated $18.8 million to launch the universal lunch program for children studying in public schools. The program will go on for four years and gradually increase to an estimated annual investment of $100 million by 2027-2028.
  • An income tax break will be applicable from January 2025. The province will index the basic personal amount, and personal income tax brackets to fight inflation. According to the budget report, the Nova Scotians can save around $160 million on annual taxes.
  • $7.3 billion will be allocated for better healthcare resources and the required changes that will benefit the Nova Scotians in the long run.  The  benefits included under these allocations are:
  • The budget has a special allocation of $41.5 million for cancer care treatment. This includes advanced equipment and digital imaging technology for the better diagnosis and treatment of cancer-diagnosed patients.
  • An additional amount of $36.2 million invested in mental health care and the betterment of Nova Scotians is allotted in the budget.
  • The government allocated $360 million for the IWK Health. 
  • The budget included $184.3 million for the Action Health Plan and $1.8 million for the University Nursing Program.
  • The government committed $47.3 million for three to build and launch a new Cellular for Nova Scotia Program.

Nova Scotia 2024-2025 Budget for Northern Nova Scotia

The government of Nova Scotia added many benefits for Northern Nova Scotia, let’s review them:

  • Funds for the New North Cumberland Health Center.
  • The budget includes long-term care projects in Pictou County, Tatamagouche, and Musquodoboit Valley.
  • The budget mentions access improvements on Highway 104 and Trunk 4 Antigonish active transportation corridor conversion.
  • The budget promised $36 million for the repair and maintenance of the rural roads.
  • The government also allocated $637,000 to expand the nursing programs in the province.

Apart from that, the budget has many benefits such as the Pictou campus student housing Project and school construction projects.

Nova Scotia Budget 2024-2025 for Building a Skilled Force Workforce and a Healthy Economy 

The government of Nova Scotia has announced major programs and opportunities to build a skilled workforce, let’s explore them:

  • The budget allocated $46.4 million over the next three years to make progress on the Province’s $100 million plan for the development of the skilled trades workforce.
  • The government allocated $27.2 million for the MOST (More Opportunity for Skilled Trades) tax refund program for workers under the age group of 30 years working in high-demand occupations.
  • The budget has allocated $1.5 million to make progress in the Green Hydrogen Action Plan.
  • The budget allocated $35.5 million to provide new housing units and the maintenance of those units.
  • The government estimated $80 million to $100 million to rebate the 10% HST on the construction of multi-unit apartments and the new construction of the purpose-built.
  • The government allocated $36.7 million to advance Nova Scotia’s Climate Change plan for various sectors of clean and green growth.

Overall, the budget 2024-2025 reflects a good approach to address various sectors such as healthcare, education, climate change action, infrastructure development, building a skilled workforce, and providing tax relief for Nova Scotians.

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