HALIFAX, NS: The Canadian Taxpayers Federation is calling on the Nova Scotia government to reign in runaway spending after a $467 million deficit was announced today in Budget 2024.

“The whopping $467 million deficit is a slap in the face to Nova Scotia taxpayers who can’t afford to be saddled with more government debt and higher interest charges,” said Franco Terrazzano, CTF Federal Director. “It’s clear that the Houston government put in zero effort to find savings in this budget.”

The Nova Scotia government will run a $467 million deficit in 2024. Today’s budget increases spending $1.7 billion over Budget 2023 estimates. There are no plans to balance the budget in future years.

The debt is expected to reach $20.2 billion by the end of 2024. Interest charges on the debt will cost taxpayers $823 million in 2024. 

The government is also ending the bracket creep income tax hike beginning on Jan. 1, 2025, according to the budget.

Bracket creep happens when governments don’t move tax brackets with inflation and inflation can automatically bump taxpayers into a higher tax bracket even though they can’t actually afford to buy more.

“A bright spot for taxpayers is that Houston is finally ending the sneaky backdoor income tax hike known as bracket creep,” Terrazzano said. “Houston needs to cut spending, stop racking up red ink and provide taxpayers with further relief.”