News Room

Finance Canada: No More Spring Budgets

Finance Canada announced on October 7 that Canada’s federal budgets will be brought down in the fall starting with the November 4, 2025 event; a significant departure from the spring schedule (February, March or April) that has been the cycle for several decades. This is going to affect many other events as we know them, and in the annual government spending approval cycle. There will also be a new budget process for capital vs. operational expenses. Here’s what you need to know:

Tap Into Education Funding for Tax Season Training    

Now is the time train new and returning employees for the upcoming tax season...did you know your training costs qualify for grants and funding? That includes those incurred through a Knowledge Bureau education.There are both granting and funding options available when you need to train staff in a hurry based on where you live.  Here are the details.

Crocus Fund Receivership Being Wrapped Up

The investors of the Crocus Fund will be receiving a final settlement in 2022.  Specifically, the payment will be 36 cents per share, and it will be made after September 30, 2022.  While most people will have held these shares in their RRSP account and will have no tax consequences, the disposition of these investments in non-registered accounts will need to be reported.

Knowledge Bureau Network: Raising the CPP Survivor’s Benefit

The Liberal government has proposed that the CPP survivors’ benefit be raised by 25%.  It’s an important step in the right direction, but it may not be enough to fairly represent the lost contributions from a lifetime of mandatory contributions by a deceased spouse.  This requires review and here’s why:

Tax-Efficient Retirement Plans Post-Pandemic

According to a recent ISPOS survey on behalf of the Institute of Actuaries, 23% of working Canadians say that the pandemic will change the timeline of their planned retirement. They feel they’ll need to work longer to earn enough to retirement, and yet, still only 52% of working Canadians think they’ll be able to live comfortably once they do retire. What needs to be considered in retirement planning to address the new demands of the pandemic, along the increasing life expectancy in Canada, and the increase in workers age 65+ in the workforce?

CRA Interest Rates to Remain at Record Low until July

Although the government has yet to announce the prescribed interest rates for the second quarter, the rate will not change.

Transacting in Cryptocurrency? Beware the Taxman

Transacting with cryptocurrency can have tax implications. Did you keep track of those transactions and the fair market value of the money when you did? It’s an issue that will become important, and potentially messy, as you get ready to file your return this year. You may also have to correct prior year’s returns.   
 
 
 
Knowledge Bureau Poll Question

Do you believe SimpleFile, CRA’s newly revamped automated tax system, will help more Canadians access tax benefits and comply with the tax system?

  • Yes
    4 votes
    11.11%
  • No
    32 votes
    88.89%