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:

There is a growing demand for qualified tax specialists in the financial services sector. Knowledge Bureau’s DFA- Tax Services Specialist program™ will allow you to tap into this profitable career path and build your own professional practice. All it takes is six in-depth courses (180 hours) to earn your DFA-Tax Services Specialist™ designation, and you can get started immediately.

Knowledge Bureau’s Annual Personal Tax Bootcamp is coming soon: in six cities across Canada: January 17-25, 2017. Registrants are urged to reserve their spots early as seating is limited, and to take advantage of early-bird tuition reductions until January 10.

"Life is 10% what happens to you and 90% how you react to it." Charles R. Swindoll

Taxpayers who are subject to clawbacks of EI, OAS or personal amounts, have marginal tax rates that are significantly higher than other taxpayers at the same income levels.  When planning income levels in retirement, these inflated marginal tax rates need to be avoided whenever possible.

Global wealth has increased by 1.4%, but net worth per adult has remained relatively unchanged in 2016, according to a new Global Wealth Report, by the Credit Suisse Research Institute. The net worth per adult has risen 67% since 2000; however, this growth rate flattened out in the period 2008 to 2016.

The Auditor General for Canada has recently issued a report on CRA’s appeal process, focusing on whether CRA has been efficient in managing income tax objections.