“Our focus with this legislation was really on the fact that so many Nova Scotians are struggling to find housing,” he told reporters on Friday. “If people do not have a place to live and can not find a place to live, it hinders our economy.” McMaster spoke after the introduction of the law on economic measures, the document that implements the financial issues included in the budget of the province.
New real estate transfer and transaction taxes
The new securities and real estate tax, which is expected to apply to about 27,000 properties and bring in about $ 81 million this year, comes at a time when house prices are skyrocketing and the province’s population is at an all-time high. The new taxes do not apply to non-residents who intend to move here within six months, properties rented to Nova Scotia residents or multi-person properties and more than half of those owners are residents. The minister acknowledged that the measures would not be popular with everyone. But MacMaster said the housing situation is a problem not only for residents but also for businesses that want to expand. It’s too early to say if the measures will make more supply available or facilitate a rapid rise in house prices, but MacMaster said the government needed to do something. He said there are some businesses that can not be expanded because people can not find accommodation. “And it’s something we have to try to fix if we want to expect our economy to keep moving.” NDP leader Gary Beryl has said he supports the measures, but wants the money raised from the new tax on affordable housing, not just general revenue. “They need to increase the supply of housing stock that is really affordable – housing that is affordable in a way that relates to people’s real incomes,” he said. “The only way to do that is for the government to have a stake in public housing, social housing and housing, the price of which is not determined by an overheated, speculative market.”
Motor activities that are exempt from tax credit
Other notable tax changes to this year’s budget include a refund of the Provincial Personal Income Tax paid by people under the age of 30 working in demand for the first $ 50,000 they earned and a $ 500 child loan. The latter measure focuses on arts, culture, leisure and sports activities, including camping. It does not apply to activities where a child “gets on or in a motor vehicle as a key component of that activity”. MacMaster said he knew from personal experience that “you can exercise a lot on a dirt road”, but said the government is aware that some people, including medical professionals, are careful to encourage young people to take part in such activities. “I think we just want to be sensitive to the possible encouragement of this activity because it certainly carries risks.” MacMaster appeared virtually from his home in Inverness, as he did all week. The minister said he and the rest of his family were infected by COVID-19 earlier this week. MORE TOP STORIES
