HALIFAX, NS – Small businesses across Nova Scotia will see lower taxes that allow them to grow, reinvest and hire more people, thanks to a small business tax cut from a re-elected Nova Scotia PC Government.
“Any plan for higher wages in Nova Scotia has to start with small businesses,” said Houston in making his announcement. “These are the local leaders who are not only producing the good and services that are the envy of Canada and the world, but they are also transforming local economies – by turning hard work and good ideas into good paying jobs, close to home.”
Houston announced that under a re-elected PC Government will reduce the province’s small business tax rate from 2.5% to 1.5%. In addition, the government will raise the small business tax threshold from $500,000 to $700,000 thereby allowing more small businesses to benefit from the lower small business tax rate.
“This one change will ensure more small business owners will be able to make ends meet,” said Houston. “More importantly it also means that, over time they will have a little bit more room to invest in their business and, hopefully, grow. Each dollar we leave in the pockets of small businesses is a dollar that will eventually give them confidence to hire that extra employer or pay their current employees a little bit more.”
“This is the right policy for small businesses,” said Rudy Rizkallah, the owner of Rudy’s Catering Service. “The tax cut and rate threshold increase will save money and allow us to hire more workers right here in Nova Scotia.”
Houston highlighted that, in recent years, the federal government has tried to increase taxes on small business owners.
“Unlike the Liberals and the NDP, our party and our government will always be proud to put our faith in Small Businesses - because we know small businesses have put their faith in Nova Scotia,” concluded Houston. “And we know that any dollar invested in small businesses is a dollar invested in stronger communities and higher wages. Let’s make it happen.”