Beginning with the 2018 taxation year, the basic personal exemption amount in Nova Scotia increased for some individuals, depending on income:
- Individuals who have a taxable income of $25,000 or less will qualify for a $3,000 increase, from $8,481 to $11,481.
- Those with a taxable income between $25,000 and $75,000 will experience a 6% reduction from the $3,000 increase.
- Individuals who have taxable income of $75,000 or more will not receive any increase.
Important: The default withholding amounts on your TD1 employee form did not automatically update for 2018. You will need to manually update this in QuickBooks Online:
- Go to Payroll and select Employees (Take me there).
- Select the employee you wish to update.
- Select the edit pencil next to Pay.
- Select Enter TD1 form.
- Select the disclosure triangle next to Provincial taxes.
- Update the provincial amount from $8,481 to $11,481
- Select Done when complete.