The Importance of Provincial Budgets: Elbows Up and No Bracket Creep!
Some of the right things are happening in Nova Scotia, from the perspective of improving standards of living in that province. And that’s important news because according to the Fraser Institute, Canadians have suffered the worst five-year decline in their standard of living over the 2020-to-2024 period since the Great Depression. It notes, our Gross Domestic Product (GDP) per person decreased by 2.0% (0.4% annually) ; this despite aggregate GDP growth of 1.5% over the period. Further, all ten provinces are experiencing stagnation, which is unique in our history. So what’s the good news in Nova Scotia, at this critical juncture?You’re Invited for an Introduction to Real Wealth Management
Are you interested in enhancing your value proposition and broadening your client service offering? Amplifying your referrals? Becoming a holistic wealth advisor? Then you may be interested in learning more about the Real Wealth Managers RWM™ Designation – a new designation that differentiates collaborative financial leaders in the marketplace. You’re invited to join us for a complementary virtual Lunch & Learn on March 2 at 12 PM CST to learn more!
Don’t Forget the RRSP Deadline!
It’s the dream of millions of working Canadians to one day go into retirement and enjoy the golden years at home or abroad, retire on their terms, and harvest the fruits of their labours. According to a pre-pandemic (Feb 2020) Scotiabank Retirement Survey, 68% of Canadians are saving for retirement and the average amount expected to be needed was about $697,000. This is less than the 2017 average of $753,000. But the pandemic has changed retirement planning even further, and it’s important to discuss this before the March 1 RRSP deadline.
CERB Audits and Appeal Rights
Recently, Canadians who received CERB in 2020 have been receiving letters from the Canada Revenue Agency (CRA), requesting further information to support their eligibility for CERB. It’s important to know that taxpayers have the right to appeal if they receive a reassessment with respect to repaying the Canada Emergency Response Benefit (CERB).
Tap Into Education Funding for Tax Season Training
Now is the time train new and returning employees for the upcoming tax season...did you know your training costs qualify for grants and funding? That includes those incurred through a Knowledge Bureau education.There are both granting and funding options available when you need to train staff in a hurry based on where you live. Here are the details.
Crocus Fund Receivership Being Wrapped Up
The investors of the Crocus Fund will be receiving a final settlement in 2022. Specifically, the payment will be 36 cents per share, and it will be made after September 30, 2022. While most people will have held these shares in their RRSP account and will have no tax consequences, the disposition of these investments in non-registered accounts will need to be reported.
Knowledge Bureau Network: Raising the CPP Survivor’s Benefit
The Liberal government has proposed that the CPP survivors’ benefit be raised by 25%. It’s an important step in the right direction, but it may not be enough to fairly represent the lost contributions from a lifetime of mandatory contributions by a deceased spouse. This requires review and here’s why:
