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?

The government has promised to increase Old Age Security by 10% for seniors over age 74, but that increase won’t kick in until the July 2022 payments.  However, this month, a one-time payment of $500 (with zero withholding)  will be made to seniors who meet the following criteria:

Have you agreed to be an executor for a loved one?  I just know you want to be ready and informed about what to do when the time comes.  When it is time to ‘be’ the executor, you could very well be feeling the emotions of your loss.  For that reason, amongst others, the time to check into what is involved is NOW! 

The recently concluded Olympics were a thrill and a testament to the resilience of our athletes.  Their commitment has financial consequences, however. This is because athletes must maintain amateur status to compete.  For these reasons, trusts for amateur athletes allow for the deferral of qualifying income for up to eight years.   There are a number of tax consequences to be aware of, however, for the athletes and the amateur associations that promote the sports.

The Canada Revenue Agency (“CRA”) is a body corporate that, inter alia, carries out the duties and functions of the Minister of National Revenue (“Minister”). The CRA routinely audits Canadian taxpayers in order to ensure compliance with various taxation legislation, including the Income Tax Act and the Excise Tax Act.

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. Everything is included, even the food, when you RSVP by August 23!

The federal government has extended pandemic support benefits, in the midst of a reopening of the economy; many believe in advance of a federal election announcement expected soon.  However, the benefits have significant changes in them.  This report provides an overview of the CRB, the Canada Recovery Benefit changes.