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:

Processing a tax return will begin on February 19 and that’s also the date any paper tax return packages will be mailed.  If you want to receive your return, refunds and Notice of Assessment faster, electronic filing is the way to go – and about 93% of Canadians chose that option last year.  Aside from accessing the tax forms and line-by-line instructions immediately, CRA promises that processing an electronically filed return will take about two weeks, as opposed to 8 weeks for paper returns, according to CRA’s service standard.  But in more than a dozen instances, paper filing is actually required.  Check it out here: 

Exactly who needs to file a UHT-2900 by April 30, 2024?  Even tax pros are having trouble deciphering these complicated rules, and explaining them to their clients.  Fortunately, Knowledge Bureau’s Advanced T1 Tax Update Course, now available online for tax training, has the answers and a handy conversation guide for tax accounting and financial advisors to share with their clients.  Here’s a brief synopsis of filing requirements:

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If you opened a First Home Savings Account in 2023, you’ll be addressing potentially 3 new lines on the 2023 tax return, several new auxiliary tax forms and a brand-new Schedule 15.  Here is what you need to know:

The federal government announced over $200 million in new rent and emergency shelters support as well as $5 million a year to fund consumer research, investigate and reveal harmful business practices, all as part of its economic plan. Sadly, there was no broad-based tax relief to put money into the hands of consumers.  Here’s what was announced and how filing a tax return before the end of the month could provide more broad-based help instead.