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:

Last call! Holders of the RWM™, MFA™, and DFA-Tax and Bookkeeping Services Specialist Designations must complete their annual relicensing by June 30 by attesting to their Standards of Conduct including the achievement of 15 annual CE credits. Check out the handy Q&A Relicensing Guide and further details below.

What if we are wrong about how the new economy is going to emerge? It’s a tough question that Dr. Jack Mintz will address, along with other hard truths important to Canada’s top advisors, taxpayers and investors at Virtual DAC, October 17 – 19, 2021. RSVP by June 30 for early-bird tuition savings. D.r Mintz shared some pre-event questions he hopes to answer for the delegates from coast-to-coast who will attend from the tax and financial services:

Knowledge Bureau is pleased to announce that TaxCycle will be joining us again as a technology partner in our fall Virtual CE Summit events including the next online workshop and course on September 23, 2021 which will focus on a relevant post-pandemic topic: Audit Defence in Compiling Financial Statements, GST & Payroll. Within Knowledge Bureau’s new Virtual Auditorium, attendees will have the opportunity to interact with TaxCycle in the Auditorium Hall.  Here’s a sneak preview of what you’ll learn as you pop into their booth at  the event.

Most tax-related amounts are adjusted annually, but each quarter two rates are determined and adjusted if required.  In spite of the economic slowdown caused by the pandemic, inflation has actually picked up. 

In case you missed it during a busy tax season, the Disability Tax Credit (DTC) was enhanced in the April 19, 2021 budget and now, after the tax filing deadlines have come and gone, it’s important to revisit with your clients whether someone in the family qualifies for the new and improved DTC in 2021.

Watch what you say when it comes to transfer pricing, oral interviews with auditors, and related tax planning.  These distinct topics came face to face in the dramatic court saga, which was Cameco Corporation and Her Majesty the Queen (“Cameco”).