Pre-Budget Consultations Now Underway!

Pre-budget consultations are now underway for this fall’s Federal Budget and Canadians are invited to share their views with Finance Minister Francois-Philippe Champagne through an online survey. Over the next several weeks, the Finance Minister and his team will meet with various stakeholder groups and review public submissions before finalizing the budget.

The Fraser Institute published an interesting paper by Francois Vaillancourt in April 2010 on what it costs Canadians to comply with their personal income taxes. Leger Marketing did a detailed survey for the national think tank on a sampling of 2000 tax filers based on the 2007 tax filing year. The key results: the use of a tax pro has increased significantly over the past 20 years. 39% of Canadians paid a pro in 1986; 51% of Canadians paid in 2007.

There is some good economic news and some bad in an article released by Statistics Canada on April 17, which reveals interesting statistics about the productivity of each province during the period 1997-2010, using the most recent provincial multifactor productivity database.

Claiming moving expenses on your tax return can be very lucrative so be sure to fill out form T1-M if you moved at least 40 km closer, within Canada, to a new work location, or place of self-employment.

What do the new federal budget changes mean to investors?

The CRA doesn't want your receipts when you file your return, especially if you are joining the over 5 million Canadians who will Netfile this year. However, be prepared to send in that hard copy on a post-assessment audit which many Canadians are subject to each spring.

The Knowledge Bureau Faculty have been busy with the media this tax season. Here is a round up of recent media mentions!