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?

Is it better to invest your money into your TFSA or RRSP? The answer here isn’t black and white, so we decided to crunch some numbers and shed some light on the grey areas, for those who need to make the choice in anticipation of the March 1 RRSP contribution deadline.

The Public Transit Tax Credit has been eliminated by the federal government. But did you know that in Ontario, seniors who have reached age 65 by December 31, 2017, can claim a full-year credit on the 2018 tax return? Even better news: it’s refundable!

There’s nothing like a good house flipping show to get you thinking about the cash potential in your own home. The house flipper approach is to buy homes, live in them short-term while fixing them up, and then sell them; often for big profits. It sounds simple, but it’s not a foolproof strategy, because it comes with tax risks. When done often, house flipping can raise eyebrows at the CRA. Learn how to flip with care, and understand the principal residence rules that could diminish your profits, or worse.

It’s lonely at the top. You’ve heard this before and perhaps you are experiencing it now. Leadership is not easy, in fact, it is downright tough most days. Yet if you are destined to lead - and you can evolve your skills to continuously improve over time - you will learn to soar. Not just because you are succeeding, but because everyone around you is.

A Special Budget Report will be available. Be sure to encourage your associates and colleagues to get their own subscription to KBR in advance of this important annual event. Subscribe here.  

The CRA officially began accepting electronically filed tax returns this week, but you may want to slow down and observe an important tax savings opportunity before you rush to file. Contributions to your Registered Retirement Savings Plan (RRSP) for the 2018 tax year ends on March 1, 2019. Besides reducing your tax bill, you could score even bigger returns: increased refundable and non-refundable tax credits.