Financial Measures (Fall 2023) Act Introduced

Finance and Treasury Board Minister Allan MacMaster introduced the Financial Measures (Fall 2023) Act today, October 13.

The act provides the authority to implement measures which have financial implications for the Province. It includes proposed legislative amendments to reduce the tax burden on builders of new rental housing, with the aim of encouraging more construction.

“We are introducing a range of solutions that will address the housing crisis, support a growing economy and improve the financial security of Nova Scotians in retirement,” said Minister MacMaster. “We are pleased to deliver on our commitment to rebating the provincial sales tax so that the private sector can build new rental units, faster.”

The Financial Measures (Fall 2023) Act amends several acts. It will:

• rebate the HST from construction of new rental units by amending the Sales Tax Act
• expand Capital Investment Tax Credit eligibility to include emerging sectors like aerospace and manufacturing by amending the Income Tax Act
• allow private sector employers to join the Public Service Superannuation Plan by amending the Public Service Superannuation Act
• extend a 20-year-old tax agreement between municipalities and Eastward Energy by five years by amending the Gas Distribution System Municipal Taxation Act.

The act also creates the Private Sector Pension Plan Transfer Act, to enable private sector pension plans to transfer into the Public Service Superannuation Plan.

Additional Resources:

Bills tabled in the legislature are available at: https://nslegislature.ca/legislative-business/bills-statutes/bills/assembly-64-session-1