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 federal government confirmed that a cap will be applied to the preferred tax treatment of certain employee stock options in their November 30 Fall Economic Statement.  A correction has been made to our Special Report in regard to this figure.

Will COVID-19 push you into retirement? It’s a concept for the times as more teachers, health care workers, business owners and others face their exhaustion from the changes forced upon them by the devastating COVID-19 pandemic.  Others have faced job termination before choosing their own retirement date. Fortunately, a new edition of Master Your Retirement by best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM can help.  We asked Doug why he wrote the book and how it will help with these important deliberations.

Are you training new and returning staff working in independent tax filing firms? Are you a CPA in public practice, a financial advisor, public trustee, legal or financial assistant, municipal officer, payroll or software company serving individuals and business owners with tax compliance?  Knowledge Bureau’s acclaimed Advanced T1 Tax Update 2021 for 2020 T1 Returns has gone to a live, virtual format to provide a detailed refresher for a national audience.  Join us for the live event on January 20, 2021, then complete the comprehensive Line-by-Line Advanced T1 Tax Update Course online.  Early registration ends January 15.

It’s a good time to register for our new Winter Study Session:  we’re calling it a training “sprint” and it runs from December 16 to February 15.  You can start anytime at your convenience, but here’s the advantage:  you’ll have another professional credential under your belt before tax season. . .and you’ll save an extra $50 on certificate course tuition, too. Here’s a sneak peek at our newly published courses for the winter session:

In its second economic update since the start of the pandemic, the federal government announced a continuation of pandemic support measures for individuals and business owners. The detailed 237-page Fall Economic Statement outlines a continuation of an unprecedented level of spending over a five-year forecast period. Further, new spending on economic recovery is proposed, in a wide-ranging plan which includes broad-based initiatives as diverse as grants, loans and the recruitment of “energy auditors” for home retrofitting, to new money for a network of quarantine and self-isolation facilities across Canada.

An important but underreported trend in the current pandemic is the reality that 25% of our seniors are caregivers, according to a new report released November 24 by Statistics Canada. Further, over 50% of these seniors need more financial support.  Tax and financial advisors are well positioned to help.