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:

Canada’s tax system is based on self-assessment, but CRA has substantial powers and latitude to assess and reassess those returns as it sees fit, leaving the onus to prove otherwise with the taxpayer.

The government’s financial results will be released for the first quarter of the year no later than May 29, 2015, just in time for Canada’s most comprehensive 2015 tax and wealth planning workshop, featuring five top experts in the area of transition planning.

June 15 is the date of the next quarterly instalment payment for 2015.

The Canada Revenue Agency (CRA) has always been serious about penalizing tax evasion, and they are sharpening their focus on investigating anyone who facilitates or encourages non-compliance.

We generally believe, living in Canada, that we have the safest banking system in the world. Certainly we’re in the top 10, right?

When starting a small business, whether as a proprietorship or a corporation, entrepreneurs can fall into a number of tax traps.