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:

Canadian taxfilers are saving the planet! Of the total returns received to April 25 for the 2015 tax filing year, 87% were filed electronically, according to CRA’s tax filing statistics. The average refund so far is slightly lower than last year: $1653.

Tax filing season is officially over and that means it’s officially tax audit season. And that can be very expensive. For example, you may have heard the story of the $250,000 owing in back taxes by a campground in Ontario.

The tax filing deadline of midnight May 2 has come and gone. Now what? It’s important to file as soon as possible if you owe money to CRA. That’s true even if you’re a proprietor and qualify to file by midnight June 15.

Boomers are moving towards retirement, but many are not getting the planning services they need to manage their retirement income on a tax-efficient basis.

Application forms for the 2016 DAC Young Advisors Award are now being accepted from young advisors, their clients, employers or mentors and can be found on the Knowledge Bureau website at the Conference tab at www.knowledgebureau.com. The application process will close on May 31 and selection will be announced on June 15, 2016.

“Do not value money for any more nor any less than its worth; it is a good servant but a bad master.” Alexander Dumas