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?

Canada’s only multi-disciplinary conference for tax accounting and financial advisors wound up on Montreal on November 12; but the memories of an outstanding CE learning and networking event are guaranteed to linger.  Check out the photos here then take advantage of early registration offers for the next event: Acuity 2025, November 23-26, 2025 in Puerto Vallarta, Mexico.  The theme is Happy Landings:   Discover a New Era of Risk and Rewards! 

Owning a home, once almost considered a right of Canadian citizenship, has become a more distant dream for millions. The high cost of housing, coupled with a desperate shortage of supply, has turned the notion of home ownership into a near impossibility for many Canadians and those who have arrived in our country more recently.  The Tax-Free First Home Savings Account (FHSA) can help but it’s important to open an account before December 31, 2024 to create and preserve the contribution room.

CRA has confirmed the indexing rate of 2.7% for 2025 on various income tested provisions and including personal amounts applied to reduce taxes payable.  This also applies to ALDAs, which provide a unique additional way to defer income from taxation in the case of healthy, affluent seniors.  Here’s what’s to know:

The federal government has confirmed its final numbers to reflect the 2.7% indexing rate to be applied to personal amounts in 2025.  Knowledge Bureau published the amounts several weeks ago, and was within a dollar on most estimations.  Here are the final numbers for year-end tax planning purposes:

Register now for the CE Savvy Summit: 2025 Advanced T1 Personal Tax Update! All the updated knowledge and resources a tax or financial professional needs, including expert instruction on 2024 T1 Completion and Tax Planning for 2025. Virtual and in-person events in select cities this January – register by January 10 early-bird deadline for tuition savings and take advantage of new team member rates to prepare your staff for the upcoming tax season.

These Distinguished Fellows are honored for their distinguished services as influential thought leaders, who have demonstrated a commitment to the noble cause of teaching and writing by engaging others in the high standards of knowledge they share. In doing so, they have also demonstrated an extraordinary commitment to shaping the future of the tax, accounting and financial services industries. Browse our newly updated FDFS™ Directory   and join us in congratulating our 2025 honourees.