Nova Scotia Budget Report: September 2017

September 2017

Dave Walsh, Partner, Tax Service Line Leader |

Nova Scotia landscape

On September 26, 2017, the Honourable Karen Casey presented her first budget as Nova Scotia's Finance and Treasury Board Minister. This budget is a re-introduction of the budget that was shelved by the Liberal government when Premier Stephen McNeil called an election. The election was held on May 30, 2017.

After several years of deficits, a surplus of $150 million is reported for 2016-17, which is higher than the previously estimated net surplus of $17 million. A total surplus of $127 million was estimated for 2016-17, but that amount included a one-time revenue amount of $110 million made up of federal and municipal contributions for the convention centre in Halifax. Due to the changing timeframe for completion of the convention centre, the government moved this one-time funding amount to the 2017-18 fiscal year. The forecast surplus for 2017-18 is $131 million, for a net surplus of $21 million. This is about $4.6 million lower than the surplus in the budget as originally tabled on April 27, 2017, prior to the election campaign.

This budget allocated significant spending towards infrastructure development. As well, increased healthcare spending will provide improved access to health care, including $5 million to enhance mental health programs. Education spending increases focus on early learning programs including the expansion of publicly funded pre-primary programs for four-year olds.

As no new tax changes were announced in the budget you can see our full budget report from April.

Download BDO's Budget Report

 

Nova Scotia Budget Summary - Statement of Operations
(in millions $)

 

Actual
2016/2017

Estimate
April 27, 2017
for 2017/2018

Revised
Estimate

2017/2018

Estimate
2018/2019

Revenue

9,813

10,208

10,195

10,151

Expenses

(9,262)

(9,666)

(9,663)

(9,668)

Debt servicing costs

(824)

(850)

(850)

(873)

Consolidation and accounting adjustments for governmental units

28

65

70

43

Net income from government business enterprises

395

379

379

375

Contribution to fiscal capacity for provincial health complex

 

(110)

(110)

 

Provincial surplus

150

26

21

28

For further information, contact a trusted BDO advisor or one of our BDO Canada Tax Leaders:

Dave Walsh
Partner, Tax Service Line Leader

Shelley Smith
Partner, East Group Tax Service Line Leader

Rachel Gervais
Partner, GTA Group Tax Service Line Leader

Peter Routly
Partner, Central Group Tax Service Line Leader

Daryl Maduke
Partner, West Group Tax Service Line Leader

Learn more about BDO's Canadian Tax Services today.


The information in this publication is current as of September 26, 2017.

This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.