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?OAS: Third Quarter Inflation Rate Changes
Most tax-related amounts are adjusted annually, but each quarter two rates are determined and adjusted if required. In spite of the economic slowdown caused by the pandemic, inflation has actually picked up.
Add Big Value: Revisit Eligibility for the Disability Tax
In case you missed it during a busy tax season, the Disability Tax Credit (DTC) was enhanced in the April 19, 2021 budget and now, after the tax filing deadlines have come and gone, it’s important to revisit with your clients whether someone in the family qualifies for the new and improved DTC in 2021.
Cameco: Transfer Pricing, Oral Interviews & The Duke
Watch what you say when it comes to transfer pricing, oral interviews with auditors, and related tax planning. These distinct topics came face to face in the dramatic court saga, which was Cameco Corporation and Her Majesty the Queen (“Cameco”).
Payroll Changes Effective July 2021
Semi-annual payroll changes are implemented when announcements are made after January 1 that affect payroll deductions for income tax and statutory deductions. This year, no federal tax changes have been announced that affect payroll and only one province has announced a change that will affect provincial tax calculations.
Tax Season is Finally Over…Well Except for a Few Things
Congratulations tax pros! You got through the June 15 tax filing deadline for proprietorships but there are a few more important deadlines to note, one for tomorrow June 17.
Accepting New Advisor Award Nominations
Now seeking nominations for the New Advisor Award – application deadline September 1, 2021 The DAC Young Advisor Award recognizes the next generation and their contributions to excellence in the field.
