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?

The Millennials, children of Boomers and GenX, parents of the Alpha Gen, are the fastest growing population in Canada, at 33.2%, and are part of the cohort that is the median age in Canada in 2023:  41 years. A recent study found millennials were 1.4 times more likely to file for insolvency than Gen X aged 42 to 56, and 1.7 times more likely than baby boomers aged 57 to 76. Insolvent millennials were on average 33 years old and owed an average of $47,283 in unsecured debt. They need financial planning help, especially to understand their continued access to refundable benefits.

It goes without saying the filing tax returns and elections on time will help taxpayers prevent the punitive late filing penalties.  But, if the filing deadline has passed, look to the Voluntary Disclosure Program to see if you qualify to reduce penalties when late filing.  And then, if a return has been filed late, look to the Taxpayer Relief program to see if you qualify for tax forgiveness. The following are a summary of the programs.

Did you know that effective starting in 2020 and before 2025, it’s possible to write off your digital news subscription as a non-refundable tax credit?  Did you miss writing it off in the past couple of years?  You can adjust your tax returns back to 2020 and get a tax refund.  Here are the details:

We asked tax and financial professionals whether they believe Canadians have trust in their tax department, and surprisingly over 75% said no. Do you agree? Check out some of the many interesting comments we received.  

There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!

Don’t miss the opportunity to mingle with members of our DAC 2023 bronze partner organizations in Banff this November 12-14. We’re pleased to welcome back Fraser and Partners, Manulife Bank, The Institute, and Investment Executive and Advisors’ Edge as our exclusive media sponsor for our 20th anniversary extravaganza! Final registration deadline for tuition savings: October 30.