Nova Scotia Basic Personal Amount 2021 Tax rate $8,481 8.79%įederal Basic Personal Amount 2021 Tax rate $12,421 15. For the full list of the available tax credits and amounts, visit the Nova Scotia Department of Finance website. There are both refundable and non-refundable tax credits available, which can reduce the Nova Scotia income tax you owe. The combined federal and provincial marginal tax rate is 54.00%, which is paid on the income above $216,511. The highest provincial rate is applied above $150,000, however, the federal rate is increased further above this income level. The lowest rate is 8.79% and the highest rate is 21.00%. The next portion of your income is taxed at the next tax bracket of 12 percent. For the first 9,875 you make, you are only taxed 10. For example, if you are a single person, the lowest possible tax rate of 10 percent is applied to the first 9,525 of your income in 2020. In other words, you would be taxed in two different tax brackets: 0 to 9,875 and 9,876 to 40,125. There are 5 tax brackets in Nova Scotia and 5 corresponding tax rates. Your bracket shows you the tax rate that you will pay for each portion of your income. The Nova Scotia Basic Personal Amount is $8,481 in 2021, the same as in previous years. Use only if your taxable income on Form 540, line 19 is more than 100,000. The Federal tax brackets and personal amount were increased for 2021 by an indexation factor of 1.010. To figure your tax online, go to ftb.ca.gov/tax-rates. The Nova Scotia tax brackets are not increased for inflation.
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