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?

There is still time to consider your own unique RRSP tax strategy to reduce income and taxes and increase refundable tax credits for your financial gain in 2018. The RRSP contribution deadline is March 1, 2018. Following is the last of our series of a dozen tips to consider as the holidays begin and before this year ends:

When setting your career-related New Year’s resolutions, it’s important to ask yourself a key question: “Do I see myself as an employee or an entrepreneur?”

Congratulations to Barbara Schuster from Investors Group who just graduated from Knowledge Bureau’s Advanced Tax-Efficient Retirement Income Planning self-study course, and had the following comments about her experiences:

The RRSP can play a prominent role in many of the year end tax strategies still available to pay less tax in the 2017 tax year.  The RRSP contribution deadline is March 1, 2018.  Following are the first six of a dozen tips to consider as the holidays begin and before this year ends:

Canadians who focus on building their asset base will quickly grow their personal and family net worth – that’s the difference between the value of assets and the debt attached to them. Based on the December 7 release of the Survey of Financial Security for 2016, median net worth was up almost 15 percent to $295,100 over 2012 figures. The principal residence was the largest asset, followed by private pensions. But will this trend continue?

In the market for a new car before year end?  Take the time to visit your tax advisor first.  He or she can take the time before the holidays to help you consider your after-tax options and evaluate the best approach to acquiring this asset; as debt management is likely part of the equation.