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:

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:

It's your last chance to take advantage of these special offers to meet your 2020 professional development goals before month-end. Get new credentials or train your team, by taking any two online courses from Knowledge Bureau for only $995. It’s a savings of $595. Plus, for a limited time, you can get more study time for half price. Act by January 31!

You could come as our guest to DAC Acuity 2020 in Niagara Falls October 28-30. All Knowledge Bureau graduates who completed an online program as a designate in 2019 or by January 30, 2020 can enter our draw to win one free enrolment to DAC Acuity 2020. But act fast! Entries will only be accepted through tomorrow.

The Sussexes and their quest for financial independence has been all over the global news.  Their dilemma is not that uncommon to many couples their age.  What does it take to embrace financial independence and why is that so critical in an individual’s true evolution into adulthood?  It’s a question many financial advisors may find themselves discussing with affluent families across Canada.