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?Did You Know…
An outcry from Hollywood means Ontario will delay tax credit cuts.
Finance Canada Releases Ways and Means Motions
The Notice of Ways and Means Motion and Explanatory Notes for the tax provisions of the April 21, 2015 Federal Budget were tabled on May 4, and contain the detail required to set up family tax and wealth planning strategies for the 2015, 2016 and future tax years as envisioned in this document.
Underground Economy Bigger Issue Than TFSA Tax Losses
It appears that tax cheaters are having a bigger effect on economic activity than tax free savers, when the cost of raising TFSA limits are contrasted with the cost of lost tax revenues due to the Underground Economy (UE).
CRA Wins as FCA Backs Down on Crown Costs Issue
Courts generally have the power to award costs against unsuccessful parties. These cost awards can be more severe depending on the conduct of the parties, and they are, therefore, a great way to dissuade frivolous litigation.
New Twist on Owner-Manager Compensation Planning
Financial Planners and Tax Specialists, together with Owner-Managers of Canadian Controlled Private Corporations (CCPCs) will need to review the compensation and retirement planning arrangements currently in place to ensure they are not eroded by recent federal tax changes.
TFSA and RRSP: Collaborative Investing is Key
In deciding which of the two tax preferred investment vehicles should be used for various lifecycle purposes – the TFSA or the RRSP - advisors and their clients should carefully consider all the advantages of investing in and withdrawing from each vehicle.
