The province has some of the highest personal income tax rates in North America.
newfoundland
Massive government spending has inflated demand but supply has not kept up.
The Nova Scotia government projects net debt will increase by 23 per cent over three years.
Investment in the province’s oil and gas sector plummeted from $4.9 billion in 2014 to $1.2 billion in 2023.
On a per-person basis, government spending will increase to $19,238, the highest of any province in Canada.
The financial burden will likely fall disproportionately on younger lower-income residents looking to enter the housing market.
According to polling results, the majority of Atlantic Canadians believe the top income tax rate shouldn’t be over 50 per cent.
The province's net debt is $31,749 per person, by far the highest level of any province in Canada.
The province’s oil and gas sector produces a significant amount of revenue for the government.