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?Year-End Tax Tips: Claiming Auto Expenses
Are you using your automobile for work or for your own business? Perhaps you are unsure whether you should make a claim for auto expenses this year; or maybe you suspect you aren’t claiming everything you are entitled to. This is a good reason to see your tax advisor, and make sure you are prepared to make a full claim.
Tax Tip: Manage Net Income for 2016
Who pays higher marginal tax rates: the executive earning $250,000, or the family that makes do on $60,000? If you said the family, you would be correct. That’s because marginal tax rates are higher in income brackets that are impacted by the clawback of social benefits and tax credits. But when does that happen?
Happy Holidays from Knowledge Bureau
In gratitude for your continued support, please accept our very best wishes for the holiday season. May it be restful, joyful and peaceful; and may your new year be blessed with good health and prosperity.
T2 Micro Business Course: The Next Step in Your Financial Education
Do you know how to prepare a T2 corporate return for your small business clients? Knowledge Bureau’s T2 Corporate Tax Preparation for Micro Businesses course is an excellent solution for financial advisors who want deep practical knowledge on small business tax issues.
Life Purpose
"You are never too old to set another goal or to dream a new dream." C. S. Lewis
TFSA Contribution Limit for 2017
The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.
