Budget for Nova Scotia 2024–2025: Boosting Growth and Targeting Important Sectors
The budget for 2024–2025 was announced by Nova Scotia’s Minister of Finance and Treasury on February 29, 2024. The government of Nova Scotia projects $15.8 billion in revenue, $16.5 billion in expenses, and a $4,674 million deficit.
Budget for Nova Scotia, 2024–2025
The goal of Nova Scotia’s 2024–2025 budget, which was unveiled on Thursday, was to hasten the province’s expansion. The budget has called for the introduction of a universal school lunch programme, improved healthcare facilities and resources, and a trained labour force to support the growth of the economy.
In addition, the budget suggests the indexed tax brackets and other supports mentioned in the budget, acknowledging the difficulties Nova Scotians experience due to rising living expenses.
Beginning in January 2025, the province will index the personal income tax and offer non-refundable tax credits based on the rate of inflation in Nova Scotia.
The Nova Scotian administration claims that this will be the biggest tax break in the province’s history.
The budget report states that, with $16.5 billion in expenses, it anticipates $15.8 billion in revenue and a $467.4 million shortfall.
Highlights of the 2024–2025 Nova Scotia Budget
The following highlights in Allan MacMaster’s Budget for 2024–2025 are difficult to overlook:
Budget for Nova Scotia, 2024–2025
$18.8 million has been set aside by the government to begin the universal meal programme for students enrolled in public schools. After four years, the programme will progressively raise funding to an estimated $100 million annually by 2027–2028.
As of January 2025, there will be an income tax break. In order to combat inflation, the province will index the personal income tax bands and the basic personal amount. The budget report states that Nova Scotians can save about $160 million a year on taxes.
Better healthcare resources and necessary reforms that will eventually benefit Nova Scotians will receive a $7.3 billion allocation. Benefits covered by these allotments include:
$41.5 million has been set aside specifically in the budget for cancer treatment. For the purpose of providing patients with cancer with the best possible diagnosis and care, this includes sophisticated machinery and digital imaging technology.
The budget also includes an additional $36.2 million for mental health services and the advancement of Nova Scotians.
$360 million was allotted by the government to the IWK Health.
The Action Health Plan received $184.3 million from the budget, while the University Nursing Programme received $1.8 million.
For three years, the government provided $47.3 million to construct and introduce the new Cellular for Nova Scotia Programme.
Budget for Northern Nova Scotia in 2024–2025
Let’s look over the several advantages the Nova Scotian government has provided for Northern Nova Scotia:
The New North Cumberland Health Center’s funding.
Projects for long-term care in Tatamagouche, Musquodoboit Valley, and Pictou County are included in the budget.
The budget includes enhancements to Trunk 4 Antigonish active transportation corridor conversion and Highway 104 access.
The rural road upkeep and rehabilitation was allocated $36 million in the budget.
Additionally, $637,000 was set aside by the government to develop the province’s nursing programmes.
Aside from that, the budget offers other advantages, including the development of schools and the student housing project on the Pictou campus.
The 2024–2025 Nova Scotia Budget is devoted to creating a skilled labour force and a thriving economy.
In order to develop a qualified workforce, the Nova Scotian government has announced several significant programmes and possibilities. Let’s examine them:
In order to move forward with the Province’s $100 million strategy for the growth of the skilled trades workforce, the budget allotted $46.4 million over the following three years.
The MOST (More Opportunity for Skilled Trades) tax refund programme, which is available to workers under 30 years old who are employed in high-demand occupations, received $27.2 million from the government.
$1.5 million has been set aside in the budget to advance the Green Hydrogen Action Plan.
$35.5 million was set out in the budget for both the construction of new housing and upkeep of existing homes.
The 10% HST rebate on the construction of multi-unit apartments and newly constructed purpose-built buildings was expected by the government to be between $80 million and $100 million.
For the purpose of advancing Nova Scotia’s climate change plan across a number of clean and green growth sectors, the government has set aside $36.7 million.
In general, the budget for 2024–2025 shows a sensible approach to addressing a number of areas, including infrastructure development, building a skilled labour force, healthcare, education, combating climate change, and tax relief for Nova Scotians.
