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?

Have you added your company’s logo to the list of esteemed partners at this year’s Acuity Conference for Distinguished Advisors?   There is still time to promote your good work nationally and join this illustrious group. Get in by September 30!

Professionals who are designated specialists are committed to meeting standards of conduct that include professional development annually and an attestation to ethical conduct.  Knowledge Bureau designates who have not yet relicensed have the options that follow.

Here’s a dark horse for those who NETFILE six or more T1 returns for friends and family.  Starting in January 2024, it became mandatory for you to register as a tax preparer for the purposes of  EFILE if you accept payment for those returns.  Penalties are charged if you don’t comply and even if you want to, you may not pass CRA’s suitability tests. 

CRA plans a system shutdown early this year in December 2024 and could have far reaching repercussions for professional tax advisors and their business owner clients. For example, businesses to electronically file information slips prior to December 2024, and this now includes the requirement that businesses filing 6 or more information returns must do so electronically to avoid filing penalties.

Two important changes to intergenerational business transfer rules tabled in Bill C-59 have now come to be passed into law.  All family business owners and their professional advisors should take note.

EVELYN JACKS, DMA™, RWM™, MFA-P™, FDFS™, Founder and President, Knowledge Bureau introduces the 2024 Fellows of Distinguished Financial Services and Provides the Vision for their Special Mission.