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?Budget 2015 - Detailed Personal Tax Roundup
Self-sufficiency in self-funding future retirements is clearly an issue and the big news coming out of this budget is the opportunity to do so.
Budget 2015: What’s in it For You
How did the Pre-Election Budget help you?
We've included several scenario's in this report to help you consider whether you were a winner.
Scenario 1: Young Couple No Children
Michael and Jessica are a young couple living in their condo in Vancouver. How will the budget affect them?
Scenario 2: A Young Family
Matthew and Ashley live in Winnipeg. They have two children, ages 3 and 5. They own their own home.
Scenario 3: Retired Couple with RRIFs
Brian and Patricia retired a few years ago. Brian is 74 and Patricia is 72. The couple live in Halifax, NS and have RRIF balances of $300,000 and $400,000 respectively.
Scenario 4: Seniors Without TFSAs
Robert and Jackie are contemplating retirement. Robert is 65, earns $55,000 from employment and also receives a $24,000 pension.
