New Small Business Tax Reduction

This deduction effectively eliminates the Nova Scotia corporate income tax for the first three taxation years of a new small business after incorporation. The corporation must apply each year to the Nova Scotia Minister of Finance and Treasury Board for a Nova Scotia Tax Deduction Eligibility Certificate. Eligibility requirements apply.

Tax Deductions TD1

TD1, Personal Tax Credits Return, is a form used to determine the amount of tax to be deducted from an individual’s employment income or other income, such as pension income. There are federal and provincial/territorial TD1 forms. Individuals complete the forms and give them to their employer or payer who should keep the completed forms with their records.