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 Soft Skills Matter in Tax Services
Tax Services Specialists must have more than precise technical and research skills; for them, the soft skills matter in building long term relationships with their clients and various regulators. Now more than ever, Canadians need caring support and someone to help them navigate the complex tax and financial repercussions of the pandemic and associated benefit programs. Read on for the soft skills and processes that will allow tax specialists to fulfill an essential service.
The CERB Tax Quagmire
The CERB payments have been extended for an additional 8 weeks to a total of 24 weeks, available under the same eligibility criteria, but with one caveat: Canadians should make an effort to return to work. In addition, those abusing CERB guidelines must repay them to avoid stiff penalties. The resulting broad-based complexity with the CERB will ensure a tax compliance quagmire for recipients next year. Here’s what you need to know:
Still Delayed: Help for DTC Recipients
On June 5, the Prime Minister announced two new response benefits to help Canadians through the pandemic. But the promised Disability Tax Credit (DTC) top-up payments and help for the provinces in a “Safe-Restart” Agreement have been delayed as other parties opposed the passing of the bill. Here’s what was proposed:
Most Have Filed T1s, But New Tax Deadlines Loom
According to the most recent tax filing statistics, the majority of Canadians chose to abide by the extended June 1 tax filing deadline even though late filing penalties and interest won’t apply until September 1. But that doesn’t mean that tax season is over – there are some important filing deadlines on the horizon, and that matters because CRA is officially resuming audit activity.
CERB Extension: A Time to Invest in Yourself for An Uncertain Future
A federal fiscal update has finally been scheduled for July 8, although the government is planning only a “snapshot” of the current state of affairs, and no fiscal projections, leaving lots of questions. What will be the future repercussions of this year’s emergency relief benefits? Will taxes increase in 2021? What planning should take place today? How can the CERB be used to help?
A New Economy Demands a New Tax Services Model
The role of the tax specialist is an essential service as families must file tax returns to qualify for important social benefits amidst a devastating and stressful global event: the COVID Pandemic. Worse, stressed families face onerous self-assessment procedures for government programs like CERB and the various business loans and wage subsidies. To get the best after-tax results for these families, highly trained tax services specialists must understand investment, retirement, business and estate planning strategies. Only a Knowledge Bureau Education provides all of these elements in its online designation programs.
