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Version: 1.0.0The province's revenue comes mainly from the taxation of personal and corporate income, although taxes on tobacco and alcohol, its stake in the Atlantic Lottery Corporation, and oil and gas royalties are also significant. In 2006 / 07, the Province passed a budget of $6.9 billion, with a projected $72 million surplus. Federal equalization payments account for $1.385 billion, or 20.07% of the provincial revenue.
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While Nova Scotians have enjoyed balanced budgets for several years, the accumulated debt exceeds $12 billion (including forecasts of future liability, such as pensions and environmental cleanups), resulting in slightly over $897 million in debt servicing payments, or 12.67% of expenses. The province participates in the HST, a blended sales tax collected by the federal government using the GST tax system....