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.

What does the next federal budget, widely expected to be announced sometime this month, have in store for Canadian taxpayers?

Citing a significant lack of trust in major financial institutions as a major impediment to economic recovery, Mark Carney, Governor of the Bank of Canada, said in a recent speech to tomorrow’s bankers at the Richard Ivey School of Business that even the G-20 reforms will not be sufficient to rebuild this aspect of the economy.

According to a new report, the middle class, women, and seniors have been stellar investors in the Tax Free Savings Accounts, amongst the 8.2 million Canadians who opened one up to the end of 2011.

In a recent case the ‘Tie Breaker’ rules were used to determine the tax status of a group of American business people working in Canada in Dysert v. The Queen (2013) TCC 57. 

Here’s a common issue encountered by tax and financial advisors. The client is Mr. X who has borrowed money to invest and wants to write off the interest. Can the investments be held jointly with his wife, Mrs. X for estate and tax planning purposes? What are the pitfalls to consider?

A new tax credit found on Schedule 1 and 5 of the federal tax return bumps up your existing non-refundable credits by $2000 when you care for an infirm person.