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?

A recent Fidelity Investment report points out that debt is one of the biggest issues that drives couples apart, with 36 percent saying that money is their biggest marital hurdle. But many couples also struggle to communicate about financial matters that could lead to repercussions down the road. The help of astute tax and financial advisors is critical.

Cyber-security has been the subject of daily political news on the world stage, but it hits close to home, too. In 2017, the Federal Conduct Authority (FCA) in the U.K. reported that cyber-attacks in the financial sector increased by 80 percent. Managing this critical risk is the subject of a riveting keynote at this fall’s Distinguished Advisor Conference (DAC) in Quebec City by esteemed columnist and Internet and E-Commerce Law Research Chair, Dr. Michael Geist.

Summertime is family time; but it is also the time of year when people prepare for big life changes taking place in the fall. Young adults make plans to work abroad, travel or go to school and empty-nesters journey to warmer climates. However, non-residency comes with tax consequences, so a visit to a tax advisor should be part of your travel preparation.

The hot housing market (especially in Vancouver and Toronto) has long thwarted home ownership dreams for many Canadians. In fact, RBC’s July report on housing trends and affordability reveals that the average Canadian household requires almost half its total income to cover home ownership costs. 

According to this year’s Report Card on Banks from Investment Executive, tax and financial advisors place significant value on professional education, and have increased job satisfaction when ongoing educational opportunities are provided to them by their employers. This comes as no surprise at a time when it’s becoming more important than ever to transition from transactional processes, to holistic advice- and relationship-driven practices.

New rates for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) programs went into effect as of July 1, 2018, and as a result, Canadian seniors are getting a small raise each month this quarter. But, the windfall is meek.