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?Spousal Trust Change Is a Welcome Relief
The Department of Finance recently released proposals to amend certain sections of the Income Tax Act (the Act) that pertain to the tax treatment of certain trusts. The proposed changes restore fairness in matters relating to spousal trusts.
Save Receipts To Qualify For Home Accessibility Tax Credit
“I told you so. . . .” These four dreaded words are often on the tips of tongues at this time of the year, although polite tax practitioners try to resist uttering them when skimpy recordkeeping results in higher taxes – or reduced tax credits - for their clients.
House Calls: It’s All About Client Service
It was a lovely visit at Knowledge Bureau head office with designate Vongsa Phommarath, MFA – Business Service Specialist™.
Tax Expenditures Report Released
The Finance Department released its 37th report on federal tax expenditures last week; it has published estimates of tax expenditures for personal and corporate income taxes, as well as for the Goods and Services Tax, since 1944. It’s an interesting read, especially in advance of the March 22, 2016, federal budget, when the government is expected to announce new tax expenditures.
Pre-Budget Consultations: What Tax Preferences Will Be Cut?
As a way to simplify the tax system, an overwhelming majority of respondents, 87%, to Knowledge Bureau’s February poll agree that investment income under $1000 should not be taxed. Will their wish come true?
Mark Your Calendar
Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC Nov 6 -9.
