Fall Federal Budget: Will Spending Be Cut?

Canada has historically presented an annual budget since Confederation in 1867, even through periods like World Wars and the Great Depression, but we have recently experienced the longest period without a full federal budget in our history. By the time the next one is brought down, expected in October 2025, it will have been 18 months since the controversial April 2024 budget which introduced the doomed capital gains inclusion rate hikes. What can we expect?

It was neck-and-neck all the way.  When we asked our readers in the September KBR poll if they thought a Minimum Basic Income should be introduced in Canada, 48.6% of participants said yes, while 51.4% said no. Their comments, which demonstrate just how complex this issue is, speak for themselves…

Tax professionals have had an important say about CRA’s services, but the best news coming out of the CRA’s recent comments on results is that communication will become easier. The Dedicated Telephone Service (DTS) Annual Survey revealed most pros were satisfied with the service they received using this phone line, but also had a number of service standard improvement suggestions, which the CRA has promised to address.  Here’s what the pros said:

Knowledge Bureau is pleased to announce that Frank Ryan, B. Sc. (hons), MBA, P.Geo., CEBS®, ISCEBS Fellow, Financial Advisor & Certified Employee Benefits Specialist of Ryco Financial in St. John’s, NL , has been selected as the 2020 winner of the Distinguished New Advisor Award. The award will be presented virtually at the Distinguished Advisor Conference (DAC) on October 28th.    

It is a time of great opportunity to test our collective financial resilience, and financial advisors on the front lines of financial wellness will be better prepared to do so with the keen insights and bold thinking of 21 expert speakers at the 17th Annual Distinguished Advisor Conference (DAC) presented by Knowledge Bureau, October 28-30. 

Knowledge Bureau has made it easier for you to register virtually, 24/7 in online courses and to calculate the tuition fee schedule that is right for your budget.  Check out the new online instalment payment calculator and the brand-new Virtual Registrar. It’s the perfect way for night owls and weekend warriors to get started!

In a lengthy Throne Speech, the Governor General highlighted the extensive and potentially expensive plans the federal government envisions for economic recovery to “Build Back Better”, all in the midst an unprecedented global pandemic. Further fiscal details and cost projections are promised to be delivered in an Economic Response Plan later this fall. What’s especially interesting is a glimpse at big changes in practice management ahead for the tax preparation industry. Highlights follow.