It’s that dreaded time of year again for all Canadians, time to sort through your shoebox full of receipts, time to make sure your paperwork is all in order so that you can owe the least amount possible. Nova Scotians are seeing a $135 increase if they are earning more than $30,000 annually. Canadians overall will see increases if they are making over $63,000, with more to come as the carbon tax goes up later this year.
On a more positive note, Nova Scotia is providing two brand new housing benefits. First, the FHSA (First Home Savings Account) allows first-time homebuyers to save for their first down payment. Deposits are maxed out at $8000 but are tax deductible, the account itself can hold up to $40,000 and withdrawals are tax-free so long as the money is used for the down payment of a house.
Second, the multi-generational home benefit allows families to claim up to $7500 in renovation costs for the purpose of creating a secondary unit for aging family members who are on assistance or qualify for disability payments.
Nova Scotians have until April 30th to file their tax returns, self-employed Nova Scotians have until June 15th.
