Nova Scotia corporate tax reduction for new small businesses

Important notice

A change to the Nova Scotia corporate tax reduction for new small businesses has been announced. See what's new for Nova Scotia corporations.

This tax reduction applies to the first three tax years of an eligible corporation if it is also eligible for the federal small business deduction for the tax year.

For each of the three tax years, an eligible corporation must apply to the Department of Finance and Treasury Board of Nova Scotia and receive an eligibility certificate before claiming the tax reduction. Once the eligibility certificate is received, the corporation can claim this tax reduction to reduce Nova Scotia income tax otherwise payable.

An eligible corporation must:


Claiming the tax reduction

Schedule 341, Nova Scotia Corporate Tax Reduction for New Small Businesses, is a worksheet to calculate the credit. You do not have to file it with your return. See the schedule for more details.

On line 834 of Schedule 5, Tax Calculation Supplementary – Corporations, enter the certificate number, and on line 556, enter the amount of the reduction you are claiming.

Supporting documents – File the original or a copy of the eligibility certificate issued by the province with your return.

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