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:

Did you or your clients qualify for the $40,000 Canada Emergency Business Account (CEBA) loan?  If so, another $20,000 loan is available and up to half of this is forgivable if repaid by December 31, 2022. But the deadline for applying is this month on March 31, 2021.  Here’s what you need to know.

Most people would rather have teeth removed than face a tax audit. But, just what has to be kept for back-up purposes in a digital relationship with the CRA?   It’s an important question because CRA generally doesn’t want to see any receipts when the return is filed. Yet, certain tax documents are required to be filed in writing and that includes special elections. Do you know what they are?

It’s not unusual for the CRA to distribute information about tax evasion at the start of the tax season; after all it’s a great reminder of the stiff consequences for those who intentionally defraud the government, like a West Vancouver resident recently did.   

In your opinion, do Canadians feel they have to revise their retirement savings plans as a result of the pandemic?  Last month, advisors from across Canada weighed in on this question and the results may surprise you!

March 8 is International Women’s Day and one of the many things to celebrate is that women are becoming far more financially active.  This is a positive trend which enables better conversations about tax, retirement and estate planning, But advisors who fail to engage women, may well find themselves failing.

Is March your lucky month? Traditionally, leprechauns celebrate pots of gold at the end of rainbows this month.  But, it was Buddha who really put the concept of luck into perspective,  “Being deeply learned and skilled, being well trained and using well spoken words: this is good luck.”  That strategy has better odds of success, too. That’s why we are offering you some of each: the opportunity to be more skilled and a bit of the pot of gold.