News Room

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:

Money Matters Calendar 2016: Makes a Great Gift for Your Clients

The Manitoba Financial Literacy Forum is a coalition of organizations and individuals working together to promote lifelong financial education skills to Manitobans. Co-founded by Evelyn Jacks, President of Knowledge Bureau and the Manitoba Securities Commission, the goal is to improve financial literacy of Manitobans.

Life Purpose

“Remember, today is the tomorrow you worried about yesterday.” -Dale Carnegie

Tax Tips: What’s The Tax Filing Deadline: May 2 or June 15?

It’s really surprising how many people don’t know when the tax filing deadline is. CRA often mentions two dates: May 2 and June 15. Which is it for you? 

T-Slip Preparers Face Big Penalties for Failure to File Online

It’s time to get those T4s and T5s out and here’s another reason from CRA to go paperless: Those who issue more than 50 T-slips for a calendar year on paper instead of by Internet file transfer or Web Forms, will be subject to huge penalties this year. All T-slips must be filed with the CRA by February 29, with the exception of T3 slips and T5013s, which are filed by March 31.

Underground Economy: Canada Has Second-Lowest Problem

The most recent statistics on the Underground Economy (UE) in Canada are from the year 2012, released in April 2015. The total underground activities were valued at $42.4 billion or about 2.3% of gross domestic product (GDP). A high of 2.7% was reported in 1994 and this fell to a low of 2.2% in 2000. However, after a brief uptick in the early 2000s the proportion remained relatively stable between 2.3% and 2.4%.

Understanding Indexing: How Does Indexing Work?

At this time of the year, tax advisors and their clients are familiarizing themselves with the indexing changes that have been applied to tax brackets, and refundable and non-refundable credits. Indexation is based on the consumer price index, but different formulas apply to different provisions.
 
 
 
Knowledge Bureau Poll Question

Do you believe SimpleFile, CRA’s newly revamped automated tax system, will help more Canadians access tax benefits and comply with the tax system?

  • Yes
    4 votes
    11.43%
  • No
    31 votes
    88.57%