Finance Canada: No More Spring Budgets

Finance Canada announced on October 7 that Canada’s federal budgets will be brought down in the fall starting with the November 4, 2025 event; a significant departure from the spring schedule (February, March or April) that has been the cycle for several decades. This is going to affect many other events as we know them, and in the annual government spending approval cycle. There will also be a new budget process for capital vs. operational expenses. Here’s what you need to know:

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.

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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.

There’s lots to know about the new CCR – Canada Carbon Rebate.  The first payment for 2024-25 under this new label has been increased in some provinces but decreased in others.  The former Climate Action Incentive Payment (CAIP) is paid quarterly, and the new CCR will be too; but did you know that to receive the first payment on April 15, 2024 tax returns for both spouses must be filed by March 15? Here are the new amounts for April 2024 to January 2025 and some tax tips to observe too.