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?

On May 5, the Finance Department issued a Notice of Ways and Means Motion to change income reporting rules specifically for farmers and fishers who sell to agricultural and fisheries cooperatives, in response to restrictions in the March 2016 budget that impact the claiming of the small business deduction.

In case you missed it during tax season, several provinces announced tax changes to their regimes. In this third and final installment of the Provincial Budget Roundup series, we will present a brief summary of the tax provisions from Quebec, the Maritimes and the Territories:

What are you doing with your tax refund this year? If it hasn’t yet been spent, one of the most tax-efficient things you can do is to invest it in your TFSA. It’s a short-term plan with a long-term vision: this investment will help to guarantee your tax-efficient retirement.

CRA is providing relief for taxpayers across the country, and particularly in Quebec and Ontario, whose tax filings were interrupted by severe flooding over the past few weeks. 

“Do not value money for any more nor any less than its worth; it is a good servant but a bad master.” - Alexander Dumas

What’s the top reason you should invest your time and money to attend the Distinguished Advisor Conference (DAC) in Kelowna, November 5-8?