We predict tax hikes. Not much of a gamble in that prediction, huh? One might say that’s a sure thing! There are always winners and losers [where have we heard that before?] and definitely NS taxpayers are comparative losers in the tax lottery. Here’s the Canadian Tax Federation’s rundown:
Provincial Winners and Losers
“Every New Year sees winners and losers, and this year the hands-down winners are the taxpayers of New Brunswick,” said Gaudet. “The CTF has been a champion of lower, simpler and flatter taxes in Canada, and New Brunswick is moving in the right direction.”
“British Columbians can also expect modest tax relief, but deficit spending and the new HST threaten to undue those gains, however modest,” Continued Gaudet.
Regarding Ontario, Gaudet noted a meagre move to lower the first bracket by a single point and meaningful reductions for business income taxes. However, Gaudet pointed out that those gains will be offset by substantial increases for individuals and families with the tax hike in the top two tax brackets and the new HST.
Turning to the rest of Canada, Gaudet stated, “They’re just coasting. There were few other major income or payroll tax changes.”
The provinces of Manitoba, Nova Scotia and Prince Edward Island continue to refuse to automatically index their tax brackets each year, causing a stealth tax hike via bracket creep.[emph ours]
The CTF has links to details for each province in PDF. Compare NS particularly with New Brunswick where:
Tax rates will change as follows:
o 1st Bracket: 9.3% from 9.18%
o 2nd Bracket: 12.5% from 13.52%
o 3rd Bracket: 13.3% from 15.2%
o 4rth Bracket: 14.3% from 16.05%
These moves will cut taxes for nearly all citizens. For example:
o A single individual making $60,000 will save $488
o A family with a single earner and two children making $80,000 will save $922
o A family with dual earners and two children making $100,000 will save $614
Thresholds, personal amounts and tax reduction values are indexed, 2.0%
Ane then there are municipal taxes. We can see those going up and up here in Wolfville, what with multiple year handouts to the University and charities [do we get a tax receipt huh, huh?] plus recent expensive aesthetic “improvements” at Town Centre and thereabouts [ie Central Ave]. Unless of course the cancellation of the New Year’s Levee covers all that?