The Nova Scotia Department of Finance and Treasury Board has announced the introduction of the Financial Measures Act (2026), which will create an independent dispute resolution service with binding decisions for investment-related complaints under the Securities Act amendments.
In a news release, the provincial government department stressed the need for legislative amendments to enact the province’s budget for 2026–27. Introduced by John Lohr, Finance and Treasury Board minister, the Financial Measures Act will:
- Raise the Income Tax Act’s financial institutions capital tax to six percent from four percent, effective this Nov. 1
- Align Nova Scotia’s vaping tax with the federal vaping tax, which will enable the province to access an additional $11.7 million in tax revenues, mainly from the online sales of vaping products
- Establish a $500 levy, paid every two years on electric vehicles, as of this Oct. 1
- Set a $250 levy, paid every two years on hybrid passenger vehicles, effective this Oct. 1
- Harmonize the foreign tax credit with the federal rules regarding personal and corporate income taxes
- Extend the sunset date of the Income Tax Act’s capital investment tax credit to Dec. 31, 2035, with projects approved by the end of 2035 able to get the tax credit
- Transfer the exemptions under the Non-Resident Deed Transfer Tax Act into regulations
- Elevate the penalty limits for offences regarding tobacco and vaping as of effective this Apr. 1
- Permit renewable electricity providers to be bulk suppliers and provide a point-of-sale rebate via the Your Energy Rebate Program
The department’s news release noted that the recently introduced legislation will:
- Enable the natural resources minister to set provincial park fees under the Provincial Parks Act amendments
- Abolish the Halifax-Dartmouth Bridge Commission, with staff and operations absorbed into Link Nova Scotia, under the new Halifax-Dartmouth Bridge Commission Dissolution Act, in an effort to decrease duplication and enhance capital planning and procurement
- Extend the Nova Scotia Public Service superannuation plan’s mandatory review period to every seven years, with an indexing review mandated every five years
Updates to various laws
In its news release, the provincial government department explained that the newly introduced legislation includes changes to:
- the Forests Act to limit preferential tax rates to active forestry properties, with land used as carbon sinks required to be reported and taxed at a different rate if not actively contributing to the forestry sector
- the Assessment Act and Insurance Act to enable electronic assessment notices and insurance termination notices upon consent, with electronic municipal assessment notices expected to save up to $1.3 million annually
- the Community Easements Act and the Conservation Easements Act to reduce administrative inefficiencies and move the termination of easements to a Supreme Court decision, rather than a ministerial decision
- the Crown Lands Act to enable licences with longer terms to support businesses and sectors such as forestry
- the Provincial Parks Act and the Crown Lands Act to permit Nova Scotia to tow vehicles at the owner’s expense if they disregard rules posted in provincial parks and on Crown land
- the Meat Inspection Act to facilitate a risk-based meat inspection model at provincially licensed abattoirs
- the Mineral Resources Act to clarify the province’s ownership of all gypsum on Crown lands, strengthen regulatory power over leaseholders, and consider tailings and waste rock a mineral resource
- the Maritime Provinces Harness Racing Commission Act to shift provincial oversight to the agriculture minister from the Council of Atlantic Premiers
- the Gaming Control Act to exempt a casino from construction or renovation development permits if it has executed an agreement with the Nova Scotia Gaming Corp.