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:

New Knowledge Bureau Designate, Candice Jay, CIM, FCSI, MFA-P™ has some exuberant advice for financial professionals who are looking for new ways to re-engage their enthusiasm during the pandemic marathon:  always be curious and dive into life-long learning!  Her engaging interview about her new credential as an MFA-P™ (Philanthropy) follows:

Join Knowledge Bureau President, Evelyn Jacks and Special Guest Instructors at the next Virtual CE Summit on November 18. This comprehensive virtual workshop also features a thorough online course:  everything you need to know to thoroughly understand the opportunities for tax, investment and estate planning both inside and outside the small business corporation.

Did you know that we give you the option to try out online courses before you enrol? Get a feel for our curriculum by enrolling in a free course trial.

Much to the relief of small business owners, the New Canada Emergency Rent Subsidy, announced 9 days after October rent payments were due, brought rent and mortgage support directly into the hands of business tenants. There was more good news, too. A new forgivable loan for businesses affected by the second wave of this pandemic was also introduced.  Here are the details:

Good news on the labor front in Canada:  the unemployment rate dropped to 9.0% in September, down from a high of 13.7% in May.  Further, the September Labour Force Survey released October 9 for the week of September 13 to 19, reported fewer people receiving the Canada Emergency Response Benefit (CERB) , EI or the Canada Emergency Student Benefit (13.5% down from 16.1%) and that the employment rate rose 2.1%.  So, what’s the bad news?   

The pandemic has changed the financial picture for a lot of Canadians. The good news?  Changes in income levels can produce tax savings few people have thought about. Reduced income, for example, may change the taxpayer’s requirement to make their December 15 instalment payment.  Or they may qualify now to collect tax benefits they would otherwise not be entitled to. Check out this true-to-life example: