Nova Scotia Basic Personal Amount 2021 Tax rate $8,481 8.79%įederal Basic Personal Amount 2021 Tax rate $12,421 15. The next portion of your income is taxed at the next tax bracket of 12 percent. 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. For 2021, the tax bracket thresholds were increased by approximately 1 over 2020. ![]() 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%. There are 5 tax brackets in Nova Scotia and 5 corresponding tax rates. ![]() ![]() The Nova Scotia Basic Personal Amount is $8,481 in 2021, the same as in previous years. For those subject to the middle rate schedule, the top rate has dropped from 6.0 to 5.9 percent. The Federal tax brackets and personal amount were increased for 2021 by an indexation factor of 1.010. For tax year 2020, Arkansas’s individual income tax rate schedule for high earners has been consolidated from six brackets into four and the top marginal rate dropped from 6.9 to 6.6 percent. The Nova Scotia tax brackets are not increased for inflation.
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