The Canadian Taxpayers Federation praised the government of Nova Scotia for its plan to get the budget back to balance within four years.
“While the prospect of Nova Scotia’s debt hitting $21 billion is daunting, the government is taking the right steps by putting forward a plan to get back to balance,” said CTF Interim Atlantic Director Renaud Brossard. “Having a concrete plan is even more important in uncertain times and it’s good to see Nova Scotia has a plan to get back on track.”
The government expects to spend $585 million more in 2021-22 than what it brings in revenues. It plans to balance the budget by 2024-25.
The government of Nova Scotia’s debt sits at $16.7 billion at the moment and will reach $21.2 billion by 2024-25.
Finance Minister Labi Kousoulis has ruled out tax increases and new taxes as means to get back to recovery, saying: “We are striving to keep life affordable for Nova Scotians and their families.”
“Kousoulis is right to oppose measures that would hike Nova Scotians tax bills,” said Brossard. “The worst thing a government could do is increase the cost of living of its citizens.”
The government is budgeting a $15.3 million operating grant for the Yarmouth Ferry. It cost taxpayers $16.3 million last year to keep the ferry docked.
“The provincial government insists on throwing good money after bad, by continuing to fund the bottomless money pit that is the Yarmouth Ferry,” said Brossard. “It’s time to scrap this ferry once and for all and stop sinking so much taxpayers’ money into it.”