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?

Last week at the CE Summits in Vancouver, an interesting question arose with regards to the deductibility of gifts left by a deceased taxpayer to a specific charity in his will. Would that specific bequest qualify for the donations tax credit on the final return, a trust return or both? It turns out, the answer may be neither. 

A number of tax changes for employees have been implemented for the 2019 tax filing year which officially begins on February 24 when the CRA opens their electronic gates for EFILE transmissions. What should you know before the tax season begins?

The federal government is asking for your opinion in advance of the upcoming federal budget. Four priorities have been brought forward for your consideration, and you can submit your feedback electronically.  But, is much of the agenda already set?

A new maximum non-refundable tax credit of $13,750 per eligible employee is available starting in 2019 for Qualified Canadian Journalism Organizations. The 25% refundable credit will apply to qualifying labour expenditures of up to $55,000 if they are incurred in the tax year beginning on or after January 1, 2019. The trouble is that there is no line on the tax forms for the credit and the required schedules won’t be available until May. Still, the claim must be done on time. Here’s what you need to know:

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