Budget 2024–25 strategically invests in healthcare, housing, and economic growth to align with Nova Scotia’s expanding economic and social goals. The plan emphasizes supporting citizens, building resilient communities, advancing healthcare with virtual care and modern solutions, and nurturing a skilled workforce for housing and economic vitality. Despite manageable deficits, the government is focusing on achieving fiscal sustainability amidst Nova Scotia’s economic resurgence and population growth over the past two years. The budget positions Nova Scotia for continued success by addressing immediate needs and preparing for a prosperous future.
While the 2024 Nova Scotia budget largely focuses on supporting Nova Scotians with their cost of living and access to resources, our article highlights business funding key takeaways.
Learn more about the Canadian Federal Budget 2024 and other provincial budgets on our 2024 Budget Overview Page.
Find out more about the various Nova Scotia provincial funding programs announced in this budget by clicking on one of the links below to scroll down to the appropriate section.
Nova Scotia Job Market Focuses on a Skilled Trades Workforce
Nova Scotia is actively addressing the need for a skilled workforce by implementing various initiatives to train individuals for both current and future in-demand jobs.
The 2024 Budget spending towards the skilled workforce in Nova Scotia includes:
- $46.4 million to progress the province’s $100 million plan to grow the skilled trades workforce over the next three years;
- $671,000 to increase participation and retention of women working in the skilled trades and to help advance women in their apprenticeships, in partnership with the federal government;
- $340,000 more for year three of a four-year $13-million commitment to create up to 3,200 additional paid internship opportunities for post-secondary students through Mitacs;
- $27.2 million for the More Opportunity for Skilled Trades (MOST) tax refund program for workers under the age of 30 in high-demand occupations, including skilled trades, film, and video occupations;
- $8.6 million this year for community-based settlement service organizations that support newcomers.
The Mitacs funding program supports businesses, non-profits, municipalities, and hospitals by providing funding and connecting them with highly trained researchers. Contact us today to learn how to access grant funding.
More Information on the More Opportunity for Skilled Trades (MOST) Tax Refund Program
The More Opportunity for Skilled Trades and Occupations (MOST) tax refund program, introduced in the 2022 taxation year in Nova Scotia, offers a valuable refund of personal income tax on the initial $50,000 of earned income for individuals under 30 engaged in eligible skilled trades and film occupations within the province.
In a strategic move effective from the 2023 taxation year, the MOST program has been expanded to include nurses, under the age of 30 who are employed in eligible nursing positions and possess a valid conditional or practicing nursing license. This expansion reflects the program’s commitment to fostering opportunities for young professionals in diverse occupations, contributing to the overall growth and vitality of Nova Scotia’s workforce.
Hiring and Training can be a costly process for businesses across Canada. Explore our Hiring & Training Funding Directory to find your grant funding match and cover costs related to onboarding new talent.
A Cleaner and Greener Economy Focus
The Nova Scotia government is steadfastly prioritizing a transition towards a cleaner and greener economy, demonstrating a commitment to environmental sustainability and responsible resource management. Through strategic budget allocations, the province is actively investing in initiatives that propel Nova Scotia towards cleaner energy sources, foster sustainable agricultural practices, and promote innovative environmental solutions. This resolute focus aligns with broader goals of reducing carbon footprints, advancing climate change resilience, and cultivating a business landscape attuned to ecologically responsible practices.
The 2024 Budget spending towards environmental strategies for businesses in Nova Scotia includes:
- $36.7 million this year to advance Nova Scotia’s Climate Change Plan for Clean Growth. Business-related funding within this plan includes:
- Allocating $3 million to the Clean Fuels Fund to facilitate the adoption of low-carbon and renewable fuels, including green hydrogen, renewable natural gas, biofuels, and sustainable biomass, benefiting industries and businesses;
- Providing an extra $1.3 million to enable farmers to integrate clean technologies into their farming practices for sustainable agriculture;
- Investing $1.3 million in the Fisheries and Aquaculture Energy Efficiency Innovation Fund and a Climate Change Adaptation fund to assist the sector in reducing energy consumption and preparing for climate change; and
- Directing $5.4 million towards the expansion of renewable energy sources, targeting the construction of a minimum of 500 megawatts of new local renewable energy by 2026, along with an additional 50 megawatts dedicated to new community solar energy projects.
- $1.5 million to advance the Green Hydrogen Action Plan through public engagement and increase awareness about renewable energy opportunities.
- $8.3 million as part of a multi-year plan to upgrade the dykeland system in support of Nova Scotia’s agriculture sector.
- $5.5 million more, for a total of $23.4 million, for the Payroll Rebate Program, which provides incentives to foster innovation, productivity, competitiveness, and sustainability.
- $12 million for the Innovation Rebate Program which provides incentives for businesses to invest in their operations and become more innovative, productive, competitive, and sustainable.
- $14.1 million for the Capital Investment Tax Credit, a refundable corporate tax credit that can be claimed for capital equipment and property used in Nova Scotia, now extended to include emerging sectors like aerospace and manufacturing.
With funding allocated across several industries with the goal of expanding sustainable business practices throughout Nova Scotia, we can anticipate businesses investing in research and development (R&D), and new capital and tech adoption strategies.
Investing in R&D or new capital can be a large expense for businesses – our ability to stack funding programs together can help your business achieve up to 75% cost coverage. Download this free guide to gain insight into which funding programs your business may be eligible to stack.
Apply for Government Funding Programs in Nova Scotia
Nova Scotia Budget 2024 underscores the provincial government’s dedication to supporting both families and businesses. Through a commitment to economic resilience, environmental sustainability, and overall welfare, the diverse array of funding programs, tax credits, and initiatives outlined in this budget are set to significantly influence Nova Scotia’s future. Discover more about the latest funding updates, including those from the Canadian Federal and other Provincial levels, by visiting our comprehensive 2024 Budget Overview Page.
For businesses seeking to leverage these opportunities, Mentor Works, a Ryan Company is Canada’s leading government grant writing service. Our team of expert grant application writers and tax credit consultants is fully equipped to navigate the intricacies of these funding programs, providing invaluable guidance throughout the application process. We are dedicated to ensuring your business optimally positions itself to secure the support it needs.
While our expertise lies in navigating the intricacies of government grants, we are proud to be associated with Ryan, renowned for its leadership in property tax. Explore the tax perspective of the Nova Scotia budget in detail by reading Ryan’s blog, providing a comprehensive view on taxation matters, while our blog at Mentor Works delves into the grants perspective, collectively offering a well-rounded understanding of financial considerations.
As your strategic partner in offsetting the costs of new business growth initiatives, Mentor Works is here to propel your business towards success in the dynamic economic landscape. Reach out to a member of our funding team today to discover the grant, tax credit, or incentive programs that could elevate your business to new heights.