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.

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Gone are the days when you had to quit work to start receiving your Canada Pension Plan retirement pension. These days you can start receiving you CPP retirement pension at any age from 60 to 70. There is a catch however.

On September 9, the Honourable Jim Flaherty, Minister of Finance, announced that the Employment Insurance (EI) premium rate for employees will be frozen at the 2013 level of $1.88 per $100 of insurable earnings for the years 2014-2016.

On September 6, the Honourable Jim Flaherty, Minister of Finance, announced that the World Economic Forum’s Global Competitiveness Report for 2013-2014 ranked Canada’s financial system as the strongest in the world for the sixth consecutive year.

The CRA has new teeth: new Section 237.3, Reportable Transactions, may in fact, give the Canada Revenue Agency (“CRA”) a real advantage if transactions that seek to avoid taxation fall foul of pre-disclosure rules.