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?

"You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you." Maya Angelou

Hard to believe, but it’s back to school time and parents and students are already busy preparing for fall classes. Thank goodness there is tax relief for the expensive tuition fees and textbooks. But some of them will soon be lost, starting as soon as January 1, 2017. Are you up to speed on the changes?

The big economic news published this month by Stats Canada was that for the period from the first quarter of 2015 to the first quarter of 2016, Canada’s job vacancy rate (the share of unfilled jobs over all jobs) declined in nine provinces and two territories. Yet by July of 2016, the unemployment rate increased by 0.1 % to 6.9%. So what’s the connection with lemonade?

Executors take note: CRA has issued an update of Form T2075, Election To Defer Payment Of Income Tax, Under Subsection 159(5) Of The Income Tax Act By A Deceased Taxpayer’s Legal Representative Or Trustee.

Is there a new disability in the family for someone under the age of 49? Astute tax and financial advisors will want to introduce the RDSP (Registered Disability Savings Plan) as a savings option to shore up support for the future. But, who is eligible and what can be contributed? A primer on this very lucrative plan should be discussed with your clients.

It’s time to put your professional education plan in place and to map out how you will achieve your CE/CPD credits this fall.