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:

The focus after April 30 is tax filers who are late and proprietors who have until June 15 to avoid late filing penalties.  However, this is also the time to think about your business and how to build on the momentum you have created during tax season.  Consider these milestones!

The May 20 Virtual CE Summit: The most important virtual summit you can attend to help your clients with their tax, retirement and estate planning for 2021. The federal budget provisions will have an effect on the tactics you need to use for sound retirement planning in a post-pandemic world, and with the height of this tax season behind us, it’s time to look ahead to the future.

Looking for new professional development and networking opportunities?  Be sure to mark your calendar now! In addition to the May 20 Virtual CE Summit, we have two complimentary events on May 26 and 27 for those in strategic wealth planning fields looking to network with like-minded individuals and expand upon your value proposition with new conversation starters and approaches. Take a look and register now:

Jay Stark, MFA-P™ shares how this philanthropy planning focused designation program will help him apply new skills in his effort to help Canadians make better decisions about philanthropy and bring plans to life.

The pressure is on! Taxpayers and their tax accountants are buckling under the strain of lockdowns in the midst of a very a complex tax season. Recent statistics from CRA show that we were only at the halfway point on April 19 as only 16.6 million of approximately 31 million tax returns expected had been filed. It’s notable too that 19% of tax filers have a balance due. Here are nine last minute tax tips for those who owe and those who have to break it to them:

What did the April 19, 2020 Federal Budget tell us about required new approaches to retirement planning? Rising inflation is a new concern, and this requires a reworking of retirement projections, as well as projections for the funding of ongoing needs of survivors and heirs.  More specifically, there are two tax provisions to take note of: