Fall Federal Budget: Will Spending Be Cut?

Canada has historically presented an annual budget since Confederation in 1867, even through periods like World Wars and the Great Depression, but we have recently experienced the longest period without a full federal budget in our history. By the time the next one is brought down, expected in October 2025, it will have been 18 months since the controversial April 2024 budget which introduced the doomed capital gains inclusion rate hikes. What can we expect?

Times are tough but there are some things that are just too important to pass up on.  One of them is the RRSP contribution for the 2023 tax filing year.  The final deadline for reducing your 2023 taxes is February 29 this year.  That’s a Thursday and here are 9 great reasons why you shouldn’t miss this opportunity.

Expecting a tax refund or GST/HST payment?  You may not get it if you owe money to the Canada Revenue Agency (CRA), including repayments of the Canada Emergency Response Benefit (CERB) and other pandemic supports you may have received.  Here is what you need to know and why contacting the CRA is so important to get on better financial ground in 2024:

How does a person know whether a trust exists or not? The answer to that question can at times be more complicated than you’d imagine.  There are occasions where a written document, such as a Will, very clearly purports to establish a “trust” but fails to do so. There are other occasions where there is no written document present at all, but nonetheless a trust relationship is deemed at law to have arisen.  In some provincial jurisdictions, a trust to hold land cannot be validly created unless there is a written document in place.

It’s a question we are often asked and we are proud to tell you why Knowledge Bureau may provide the perfect career, training or entrepreneurial solution you or your firm may need at this moment. Knowledge Bureau is a certified, national post-secondary educational institute which provides world class business education and continuing professional development to advisors in the tax, accounting and financial services and vocational training  to those who wish to enter these industries.

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The carbon tax is increasing again on April 1 and for some, so is the federal rebating system to offset it. Taxpayers and their spouses must file their T1 returns electronically by March 15 to get the new Canada Carbon Rebate (CCR) by the first payment date on April 15.  Otherwise, they will have to wait until the next payment date in July.  Confused?  You are not alone; there have been lots of changes.  Here’s what you need to know about this rebranded carbon tax rebate and the new amounts payable for 2024-2025.