Red Ink on the Prairies

A day after Quebec’s Finance Minister Eric Girard brought down a Budget featuring a $6.3 Billion deficit, Saskatchewan’s Finance Minister Jim Reiter tabled his government’s budget on March 19. Next up was Finance Minister Adrian Salas, who tabled the Manitoba Budget on March 24. The common thread: there’s lots of red ink on the Prairies. But that’s where the budget documents differ between Manitoba and Saskatchewan. Here’s the latest tax news and why it matters to the advice you give your clients.

For individuals and families, the tax filing and tax payment extensions are good news. However, Canadians who are owed refunds will still want to file their returns as soon as possible before the pandemic peaks. Those who owe should consider filing soon as well in order to know exactly how much is due and get their financial affairs in order. Canadians will also want to make decisions about paying down high interest, non-deductible consumer debt as quickly as possible to take advantage of lower interest rates on operating lines and/or business and housing loans. There are, in fact, some opportunities to shore up financial health in these measures that follow:

In order to reduce the spread of COVID-19, many Canadian businesses are now in a position where they have to change the way that they operate, which directly impacts their revenue streams, and in turn, their employees. The government has introduced a number of measures to assist Canadian businesses, particularly SMEs.

As things change quickly with the coronavirus crisis, over 30 million people are poised to file tax returns in the next seven weeks to meet the filing deadlines of March 31 for trusts, April 30 for individual personal tax and June 15 for proprietorships.  Thousands of professionals will be helping them.  How can you protect yourself, your staff and your clients? 

 Your clients will likely need your guidance on the tax and financial consequences of life and economic events brought on by the coronovirus. Following is a checklist of financial issues for you to discuss with them. 

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