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.

Hindsight is always 20/20 and sneaking that crystal ball glimpse into the future is next to impossible. For many of our KBR readers, if they only knew then what they know now, they would agree that retirement planning should start early in life.

Bill C-60 passed into law on June 26, 2013. This contained the tax provisions in the March 21, 2013 federal budget. Knowledge Bureau has been busy updating its tax courses in the DFA-Tax Services Specialist program to incorporate the changes. A second summer school session begins August 6. Be sure to register before July 31.

Income from both domestic and foreign sources must reported on the Canadian tax return by residents of Canada. Starting with the 2013 taxation year, the CRA will require Canadians holding foreign property with a cost of over $100,000 to file out a new, enhanced Foreign Income Verification Statement (Form T1135).

Planning for caregivers of the sick and the disabled is an important role for Real Wealth Managers™ who are well connected to their clients. Often the biggest concern for caregivers is the maintenance of income sources while they give care to their sick loved ones.

How will the continued weakening of the Canadian Dollar affect personal and family net worth? It’s an important question, especially for families who have recently purchased US property and are forced to pay soft costs with a diminishing currency.  Planning is required.

CRA will proactively adjust the due date for all federal business and other returns filed in Alberta that were due during the flooding. A federal business return filed by August 2, 2013, will be considered as filed on time.