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?

Have you or any of your clients received a pink slip or early retirement package? There is some tax planning to consider doing before saying farewell to the world of work.

Knowledge Bureau’s November Poll asks you to weigh in on the level of audit activity being experienced across Canada, amidst reports of delays and other service-related problems at CRA, like those experienced by single mom, Marcia Peel, who is still waiting for her Canada Child Benefit after 6 months and $700 in legal fees.

Sadly, the gap between the least and most educated in our society is growing. In 2016 young males without a high school diploma had an employment rate of 67 percent compared with 89 percent for a university-educated man; the employment rate for women with less than a high school diploma was 41 percent versus 84 percent for those with a university degree.

Attaining work-life balance and overall job satisfaction seems out of reach for a percentage of Canadians, according to Statistics Canada. Embracing new opportunities for personal and professional development is the key to reaching these goals.

At Knowledge Bureau, we love to receive feedback from our readers. Klaus Theyer of Exact Tax Services commented on thought leadership about recent federal tax changes.  Here’s what he said:

Breaking news from Ottawa: The Parliamentary Budget Officer (PBO to follow-up on The Minister of Finance’s July 18 proposals, releasing a new report on November 23.