Red Ink on the Prairies

A day after Quebec’s Finance Minister Eric Girard brought down a Budget featuring a $6.3 Billion deficit, Saskatchewan’s Finance Minister Jim Reiter tabled his government’s budget on March 19. Next up was Finance Minister Adrian Salas, who tabled the Manitoba Budget on March 24. The common thread: there’s lots of red ink on the Prairies. But that’s where the budget documents differ between Manitoba and Saskatchewan. Here’s the latest tax news and why it matters to the advice you give your clients.

Under Section 231.1 of the Act, an authorized person may, at any reasonable time, for any purpose related to the administration or enforcement of the Act, enter into a taxpayer’s premises, inspect and examine property, and require the assistance of the taxpayer to answer all reasonable questions in relation to the enforcement of the Act.

To everything there is a season, and for many, understanding the tax consequences of death on personal and family net worth is a crowning achievement that allows for a powerful wealth transition. This type of preparedness, unfortunately, is rare.

It’s important for you to file a tax return for children who have any earnings from active employment or self-employment.

Red Adair, an Oilwell Firefighter once said, “If you thought hiring a professional was expensive, wait until you try hiring an amateur!” 

In the final three months of 2013, seniors will receive an inflation-adjusted increased OAS benefit of $550.99 per month, which makes the total annual OAS benefits a total of $6,578.06. 

Tax service professions are one of the few careers that have outpaced economic growth for the past ten years.